Term Life Insurance

The most common type of life insurance is Term life It's called Term life because you pay premiums for a set period typically five to thirty years If you die during the term of the policy, the death benefit is paid to your loved ones

When the term of insurance is over or premiums stop being paid your coverage ends This makes Term life insurance an appropriate choice when you need coverage during a life stage or for a particular purpose for example until your children graduate from school or until a large debt is paid off Term life has three key benefits The most important is the generally tax-free death benefit The second benefit is the term life is typically less expensive than permanent life insurance and easier to fit into your budget and the third benefit is that some term policies can be converted to permanent coverage but there are also a few things you should consider about Term life because coverage isn't permanent you may outlive the term of your policy and if you want to extend your protection when it expires you may find a new policy more expensive or unobtainable Term life also lacks the ability to accumulate cash value

So is Term Life the right choice for you? Your financial professional can help you understand your options and determine that type of policy the maybe right for you Contact your advisor to get started today

Source: Youtube

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