Term life insurance is a popular choice for many people. It provides financial protection for your loved ones in case of your untimely death, all at a relatively affordable cost. But how do you know if term life insurance is right for you, and how much coverage do you need? Answering this involves analyzing your current debts, income, assets, and expenses, along with future possible needs for anyone that depends on you. Give us a call, and we can help you through this process to see what makes sense for your situation.
Term life insurance offers coverage for a specified period, typically 10, 20, or 30 years. If you pass away during the term, your beneficiaries receive a death benefit payout. Term policies are generally much cheaper than other types of life insurance allowing you to have more money to invest for the future. They also allow you to buy insurance for the periods in your life when it makes sense to have life insurance and not pay for it when you don’t need it.
Term life insurance is important for people with financial dependents who rely on their income or earning power. If you have a spouse and/or children you should consider life insurance. By looking at your current financial situation and how it would look if you were to pass away, you can determine the amount of insurance you might need.