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Term life insurance is often purchased when a consumer wants the maximum amount of coverage for the least cost. Often, in this situation, benefits are only needed for a fixed period of time...perhaps 15 or 20 years.
Term life policies are issued by most major carriers and policies can be canceled at any time. There is no cash value or loan value, so they are not designed to provide any equity or liquidity in future years.
Term coverage is often kept until either all dependents in the home are self-sufficient or additional money is not needed in case of a death of the insured.
A licensed experienced broker can easily review which type of policy is the most cost-effective, and which carrier provides the lowest available rates based on your health history.
Some reasons a person would buy Term Life insurance are: 1) they feel that their need for life insurance is going to go down or disappear after the length of the term, 2) they don't feel that they can afford permanent life insurance, 3) they are required by a loan or other contract to purchase a term policy, or 4) they are just providing for a contingency while saving up enough money to provide for their needs in other ways in the future.
A reputable life insurance agency can guide them through this decision making process so that the type of insurance they purchase realistically meets their needs.
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Term life policies are issued by most major carriers and policies can be canceled at any time. There is no cash value or loan value, so they are not designed to provide any equity or liquidity in future years.
Term coverage is often kept until either all dependents in the home are self-sufficient or additional money is not needed in case of a death of the insured.
A licensed experienced broker can easily review which type of policy is the most cost-effective, and which carrier provides the lowest available rates based on your health history.
A reputable life insurance agency can guide them through this decision making process so that the type of insurance they purchase realistically meets their needs.