Term Life Insurance
A 50 Year Old Male Can Get $500,000 Term Life Insurance For $37.11 a Month!
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Term life insurance can offer your family the financial security to maintain their standard of living should you pass-on early. For pennies on the dollar, leave your family the financial resources to pay for college, ensure there is enough money for day-to-day expenses, or even payoff a mortgage.
Questions about Term Life Insurance
What is Term Life Insurance
Term life insurance is a contract with a life insurance company that agrees to pay out money to your beneficiary if you pass-on within a specified timeframe.
For example, a $250,000 10 year term policy will pay your family $250,000 if you pass away within 10 years. After 10 years, the contract ends.
Do I Need Life Insurance
Lets face it, nobody “needs” life insurance. However, many people want to ensure their loved-ones have enough money to pay for final expenses, or replace the income that would be lost upon your passing.
How Much Insurance Do I Need?
A basic rule of thumb is 10 times your annual salary. However, its a little more complex than that. To find-out how much life insurance you need, you need to assess the income that will be lost upon your passing.
Should I Buy Term or Cash Value Life Insurance?
Term insurance is temporary, and should be used to protect against temporary needs. For example, a term life policy is great at protecting financial resources while raising children. Once the children are grown, the need is gone.
Cash value insurance (whole life or universal life) should be used to protect against ongoing needs like funeral expenses. These unexpected expenses will exist throughout your lifetime. Use cash value life insurance to protect against these types of risks.