If you are a business owner or a busy professional, term insurance might be the right fit for you and your family. This guide explains what term insurance is, how it works, and its benefits.
How much coverage do you need?
When you are looking for life insurance, it is important to think about how much coverage you will need (try our free calculators). This depends on many things, like your age and health, as well as any debt you might have. Another thing to consider is what your family needs- if you have young kids, for example, get a policy that will also cover their schooling and future needs.
Term Life Insurance
One of the most popular forms of life insurance is term life insurance. This coverage lasts for a specific length of time, generally between five and 30 years. If you pass away during this period, your beneficiaries will get a death benefit. This money may be used to pay off debts, cover funeral expenses, or provide for your family's future needs.
Term life insurance is an affordable option for life insurance coverage. It also doesn't have a cash value, which means you can get more coverage for less money. Term life insurance is good for people who are healthy and don't want to go through a medical exam.
Another advantage of term life insurance is that you can choose the amount of time you need coverage for. If you only need it for a few years, like 5 years, you can pick a policy with a shorter duration. If you need it for a longer time, like 30 years, then you can pick a policy with a longer duration.