Term life insurance is, strictly speaking, a life insurance policy that lasts a specific period (or term) of time. That is, it is not permanent. It’s not what is going to pay out when you pass at 87 years of age. Term is what protects your family from financial catastrophe if something happens to you earlier in life. Because it’s not permanent it is a lot less expensive.
Think of a term life insurance policy as “catastrophic” protection. You house isn’t paid off. The kids are…well kids. They aren’t through college. You haven’t paid for a wedding yet. You haven’t funded your retirement yet. You haven’t paid off all your debt. What happens to your family if something happens to you?
What can happen? Many younger people (say…43 and younger +/- a few years depending on the level of maturity) think the only think that will get them is an accident. Now, there are car accidents, work accidents, firearms accidents, poisonings, etc. to be sure, but accidents generally are not the culprit. When you are younger it is more things like cancer, neurological diseases like MS, and heart disease.
A term life insurance policy can’t replace you, but it can replace lost income. It can help make sure that your family has a fighting chance financially if something happens to you.
How much do you need? How much does it cost? How can you get the best rate?
To answer the first question, we have to do a needs analysis. We look at the factors that drive your financial risk and determine that amount.
To determine the best rate and cost it will help if you work with an independent life insurance agency…like Insurance That Fits. We can pull quotes from over 40 different life insurance companies. An agent that is tied to just one company cannot do that.
We fit the need, We fit the budget. We are Insurance That Fits.