There are potentially a variety of term life insurance options term life insurance policy out there. The following is information on what may be included with a five-year term life insurance policy. This is a policy that may help protect your beneficiaries when you are gone, whether you are young and haven’t yet had children, have older children, or are getting close to retirement. (If you are nearing retirement and would like more information about obtaining life insurance, visit the article “How Empty Nester Can Benefit from Term Life Insurance.”
In case tragedy strikes, buying a five-year term life insurance policy may help protect your beneficiaries from financial burdens. A five-year term life policy may be able to help protect your interests and help give you some financial peace of mind.
Buying a five-year term life insurance policy may help you plan to take care of your beneficiaries in the event that you are no longer there. Such a policy may help pay for things like college tuition, mortgage payments, credit card bills, and burial expenses after you are gone.
A five-year term life insurance policy differs from a whole life policy in this way – a term life insurance policy helps cover you for a specific term, or time period, while whole life insurance helps covers you for your whole life. In general, a term life insurance policy may cost less than a whole life insurance policy.
Besides the five-year term life insurance policy, there may be other terms available, such as terms for 1 years, 5 years, 15 years, 20 years, 25 years, and 30 years.