If you have beneficiaries, and assets to protect, term life insurance coverage is something you may want to look into. Some people may not be aware that term life insurance cover is available as an alternative to whole life insurance. There are two main types of life insurance cover: term life and whole life, or permanent, insurance. Term life insurance coverage covers you for a set time period, while whole life covers you for your whole life. Whole life insurance cover has an investment component in many of the policies. Whole life insurance cover is generally more expensive, while term life insurance may be more affordable.
Some of the advantages of term life cover may include the following:
Term life insurance cover may be easy to understand. The term life insurance coverage generally allows choice when it comes to deciding the amount of coverage, and the length of the policy. That may make it simple to decide how much term life insurance cover you may need. You may be able to make your own investments with the money you save with buying term life insurance cover, instead of having the insurance do the investing, as with whole life insurance cover.
Term life insurance coverage may help protect your beneficiaries financially. If you should pass away, your beneficiaries may be protected with the term life insurance cover.
When you buy term life insurance cover, please make sure you get a big enough policy to help cover your beneficiaries and make sure that the term life insurance coverage fits your needs. Also, if you can buy term life insurance cover earlier in life, you may be able to lock in a lower rate.