Why Term Life Insurance is an Inexpensive & Great Option
April 18, 2022
April 18, 2022: Most people are unprepared for their own death. This is understandable given the nature of the topic, but failure to plan for this event can cause undue stress and financial hardship for your family. This is especially true if you do not have a life insurance policy in place to replace your income and cover any debts of your estate. Many people are concerned about the cost of such policies, though, and struggle to find inexpensive life insurance options. Luckily, term life insurance offers a reasonable solution that can protect your loved ones without hurting your wallet. Find out why term life insurance is a great option.
Affordability
One of the biggest benefits of term life insurance is the overall affordability that one of these policies can provide. A term life policy is designed to be used temporarily, and this limitation means that it comes with a lower cost than whole life insurance. Monthly premiums may be hundreds of dollars lower, in fact, for a term life policy than a whole life policy. Savings of this magnitude are substantial and shouldn’t be overlooked.
Flexibility
Many people also enjoy the flexibility that a term life policy can offer to insureds. A term life policy gives you the flexibility to change coverage, end enrollment, or explore other insurance options. Typically, when the coverage period approaches its end, you will have the option to renew your coverage, convert the coverage into a whole life insurance policy, or simply allow the coverage to expire. This flexibility is ideal for anybody who wants coverage but doesn’t know exactly what kind of coverage they need.
Simplicity
The simplicity of a term life insurance policy is yet another key benefit it can provide. Unlike whole life policies, term life policies do not allow for any additional savings or cash value component. Rather, this kind of coverage offers only the guarantee of a death benefit to your beneficiaries. You may eventually want to transition to a policy with more features, but if you only need a death benefit, the straightforwardness of a term life policy may be the right option for you and your loved ones.
Life holds unforeseeable twists and turns. No one can predict what awaits around the corner. Make sure your family can pay for everything from household bills, the mortgage, education, and other major expenses. Affordable and simple, Term Life insurance offers a variety of term durations at level premiums that will not go up during the term you choose
About 1891 Financial Life
At 1891 Financial Life we don’t just sell policies, we offer possibilities. We pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a not-for-profit life insurance Society, which means the sales from these financial service products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs.
Our portfolio is extensive, ranging from various life insurance policies to our annuities to support your financial needs no matter what stage of life you’re in.