Finding low cost life insurance can be a challenge. Term insurance is typically the most affordable type of life insurance because it covers a specific period of time instead of providing “whole life” insurance. If you’re young and on a budget, just starting out with a family, or even if you’re older and only have a limited need for life insurance, then term life insurance may be right for you.
What Is Term Life Insurance?
Term life insurance is simply life insurance for a specific term, such as 5, 10, 15 or 30 years. There are many different types of policies and options available to choose from which makes this type of insurance easily tailored to your life insurance goals and needs.
Some of the more important features of Term life are:
- It offers great flexibility; you can buy a policy for a term that can range anywhere from a one-year renewable policy, to a 30-year term, or an age-specific time in your life such as 65 years, Hartzell Insurance can tailor a policy for your specific needs.
- Term life insurance is considerably cheaper than permanent life insurance policies.
- The amount of death benefit you choose is also very flexible; you can buy anything from a $5,000 policy to a $1,000,000 policy or more.
- When you buy a term policy, the annual or monthly premiums you pay are fixed and guaranteed for the term of the policy. At the end of the term you will be given the option to renew the policy, at which time you can alter it to suit your changing needs.
- Many policies offer you the option of converting your term policy into a permanent life insurance policy such as a universal life policy.
- It’s easy to get approval. If you are relatively young and in average health you won’t be required to take a medical exam. Most people simply have to complete a questionnaire to get approval. Even as you get older, medical exams associated with term life insurance are fairly simple and straight-forward.
Why Should I Buy Term Life Insurance?
Some of the reasons to buy term life insurance include the following things:
- Replacement income for your family if you are the primary income provider.
- Funds to pay off your mortgage.
- Money for your children’s college tuition
- Funds to pay off debts such as credit cards and loans.
- Expense coverage for your end of life costs and funeral.
- A financial legacy for your loved ones
Term life insurance is typically a great value and easy to get. You also have a lot of flexibility to buy a policy to suit your own individual requirements. Since there are different types of term life insurance policies available, it is important to get quality advice from an agency like Hartzell Insurance.
Independent agents like Hartzell Insurance have access to policies and options from multiple insurance providers. They work for you, not an insurance company, and are devoted to serving your needs with a customized policy that is tailored to your needs and budget. Contact Hartzell Insurance today and get the help you need to find the best term life insurance policy for you.
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