Why You Should Consider Term Life Insurance

​Insurance is an essential part of financial planning. However, knowing which type of policy that's best for you cannot be easy. 

Additionally, because it's temporary, term life insurance is a fraction of the cost of traditional life insurance policies. That makes it a great option for people who don't need coverage for the rest of their lives.

Term Life Insurance Vs. Whole Life Insurance
Term life insurance may cover you for a specific term or time. If you die during that time, your beneficiaries may receive a payout. But if you outlive the term, the policy is over, and you don't receive anything back.

On the other hand, whole life insurance is a type of permanent life insurance. This insurance may cover your entire life as long as premiums are paid. Your beneficiaries may receive a payout if you die while the policy is in force.

Different Types of Term Life Insurance

1. Level Term
   With a level-term policy, the premiums stay the same for the duration of the policy, which is usually 20 or 30 years. Aside from that, the level-term policy offers a fixed term for death and premium benefits. 
2. Decreasing Term
   A decreasing term policy is designed to cover you for a specific period, such as 10 or 15 years. The premiums decrease as the policy continues because the coverage decreases over time.
3. Increasing Term
   The premiums increase yearly as the coverage increases. This type of policy is typically used to cover debt or funeral expenses.

Reasons for Investing Term Life Insurance
You should consider investing in term life insurance for several good reasons. Here are some of the most important ones:

1. It's affordable
   Term life insurance is one of the most affordable types available. This is a great option for people who want to ensure their loved ones are taken care of financially if something happens to them. 
2. It provides peace of mind
   If you're worried about providing for your dear ones in the event of your death, term life insurance could be a good option to consider.
3. It's easy to qualify for
   Term life insurance is much easier to qualify for than other life insurance policies. This makes it a good option for people with health concerns or difficulty qualifying for other policies.
4. It provides a death benefit
   If something happens to you and you have a term life policy, your loved ones may receive a payout from the insurance company. This might be used to pay for final expenses, cover debts, or provide financial security for your loved ones.
5. It's renewable
   Most term life policies are renewable, meaning you can renew them at the end of the policy term without undergoing another medical exam or underwriting process. This allows you to keep your policy as long as you need it.

Protect Your Financial Future Today!
It's important to note that some policies may even offer monetary benefits while you're still alive if certain conditions relating to disability or other serious illnesses are met. Indeed, investing in term life insurance could be the best decision for your wallet and peace of mind.

At Richard Turner Insurance Agency, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (619) 296-6222. You can also request a free quote by CLICKING HERE. Topics and coverage discussed in this article are not guaranteed. Consult with your agents to determine what your policy does and does not cover. We are more than happy to help!