Term Life Insurance

Term life insurance is for those who have a family who relies on their income or large debt (like a mortgage) they need to protect their family from in case they die.

While it is tough to think about, it is very important to make preparations in case the worst happens. 

A term life policy is an affordable way to take a lot of worry off your shoulders.

Why buy term life insurance?

Term life insurance is meant as an income-replacement tool for your family should you pass away. 

Its death benefit is meant to help your family withstand losing the money you bring in for a set number of years and pay off — or keep up with — a large debt. 

Also, term life is one of the most affordable ways to protect your family. 

For those who don’t smoke and are under 30 years old, a 30-year term policy for $250,000 is under $50 per month on average.

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Should I buy term life or whole life?

This is really up to you. 

Lots of people will buy a larger term life policy while they are working and then, once they retire, purchase a permanent solution.
However, if you are interested in both and are finding it hard to choose, ask yourself: “Would I rather have a smaller premium for higher coverage with an expiration date? Or would I rather have a higher premium for a smaller benefit that is permanent?”

Buy a little more coverage than you think you need

When it comes to term life insurance, when you double your coverage you are not doubling the premium. 

So, factor in the fact you may start having kids, owning a home, and other debts you may not already have. 

An extra $10,000 of coverage is only going to be a few dollars per month. When you are younger, life insurance is more affordable. So, take advantage and understand that you’re in a period of your life with lots of living expenses and debts your loved ones would have to shoulder should the worst happen.