A lot of people are turned off by life insurance coverage simply because they’re not aware they have choices. The high cost of permanent life insurance and the complexities involved with the commitment end of it make getting life insurance coverage seem a bit too much like a chore. But the fact is, life insurance protection comes in various shapes and sizes, and depending on whether you’re shopping for individual or family insurance plans, your search can yield significantly different results.
Term life insurance is something that a lot of people have heard about, but don’t necessarily understand. This is a bit ironic when you think about it, because term life insurance protection is sort of like permanent life insurance’s simpler, more straightforward cousin. To help you gain a better understanding of the benefits of term life insurance coverage over permanent life insurance protection, here’s a list of the top three benefits that term has to offer.
Term Life Equals Affordable Family Insurance. That’s not to say you wouldn’t be able to afford a permanent life insurance policy, or that permanent insurance isn’t as good a deal when comparing the two side by side. But where pure bucks up front are concerned, you can’t do much better than term life insurance protection. Since there’s no life-long commitment involved in term life, you’re simply paying for what’s often referred to as the “death benefit.” People with term life insurance typically spend in the hundreds per year, while permanent life insurance customers can spend in the thousands.
The No-Brainer Benefit. As stated before, understanding family insurance plans can be hard enough without throwing in the expenditure aspect that’s inherent in all permanent life insurance policies. But when you look at how term insurance works and compare it side by side with permanent life, you begin to realize that term is simple, straightforward, and easy to understand. The lower the coverage for the lower the term (or period of time, as in 10 years, 20 years, or 30 years), the lower the premium you pay. If you want a higher amount of coverage for a longer term, you’ll pay more. No rocket science here.
Freedom and Peace of Mind. To discuss the peace of mind that comes with ensuring that your family will be cared for in the event of an untimely death could fill volumes. There’s an equal amount of peace of mind that comes with term family insurance plans, because you know you do not have to mortgage your finances today to pay for the possibilities of tomorrow. In other words, the less money you have to pay out the better off you’ll be to make decisions about how to spend your money on your own terms.
Now that we’ve got you excited about the possibilities inherent in term life insurance coverage, it’s time to start shopping around for affordable family insurance quotes. To get a jump start on your family’s financial security, browse our family life insurance offerings.