Life Insurance is a valuable financial tool that many individuals and families use to protect themselves against a loss of income in the event of death. Proceeds from a term policy can pass onto the beneficiaries to minimize the economic impact. With the high cost of raising a family, term life insurance can be a first step in your financial survival plan.
Before purchasing life insurance, you should consider the following questions: What level of premiums can you afford? What standard of living do you have or want to maintain? What major events in your life have affected your life insurance needs (e.g., marriage, divorce, child birth, or house purchase)? It is very important to keep your personal needs in mind when making your decision.
Term Life Insurance Trends
The Internet has been one of the most revolutionary tools to influence the term life insurance market. Thousands of consumers use the Web each day to find affordable and flexible plan options. The Web allows you the ability to quickly search for plans, review benefits, and complete your application. If you are not sure about your options, there are many resources available for you to use.
Two recent phenomenon have dramatically impacted the cost of term life insurance: Increased life expectancy and the fast movement of information. For starters, advances in the healthcare system, like innovative prescriptions, have allowed the general population to reach higher levels of life expectancy. Additionally, the Internet gives consumers the ability to quickly and conveniently evaluate plan benefits and prices from different companies in side-by-side comparisons. This highly competitive market has also helped reduce premiums. As a result of these trends, consumers have seen lower premiums for Term Life Insurance.
Term Insurance Plan Options
Typical plan options:
- Term Life Insurance – If having a low monthly premium is your primary goal, you should consider this type of plan. Although you will have very inexpensive premiums, this type of coverage is considered temporary. The three areas to focus on are the death benefit, the cost of the plan premiums, and how long the coverage will last. Term life insurance is especially popular because it tends to be straight forward and easy to understand for most consumers.
- Whole Life Insurance – This type of life insurance plan is considered permanent. Your premiums are much higher for a period of time compared to a Term Life Policy. However, Whole Life Insurance policies have other unique advantages. Some important differences are the possibility of dividends, the build up of cash values, access to the cash value with policy loans, and a guaranteed death benefit. Consumers who can afford the higher premiums and want to incorporate an investment into their life insurance policy should consider Whole Life.
If you have determined that a Term Life Insurance plan is right for you and you are applying for individual health insurance with our agency, we can easily incorporate this benefit into your policy. If you are not applying for an Individual Health Insurance plan but still need affordable and flexible coverage, let our agency provide you with a quote. We have access to the leading carriers who have the best current rates available. No one should overpay for their Term Life Insurance or needlessly put their family in financial jeopardy.
Term Life Insurance
Who should consider a Term Life Insurance policy? Anyone who does not have Life Insurance or individuals who have some coverage but may need more due to life changes that have impacted their financial commitments. Applicants should be in relatively good health and must be able to budget a sensible amount towards the cost of their plan’s premium cost. A wide-range of plan benefit options and affordable plan premiums are available from leading companies such as ING, AIG, John Hancock, AXA, Lincoln Benefit Life, Prudential and more (certain plans may not be available in all areas).
Start saving today and apply online.