When to Buy Term Life Insurance

We get it: people don’t like talking about Life Insurance because they don’t want to think about death. Unfortunately there will come a time when you’ll need to consider a life insurance policy. There are two types of life insurance: Permanent Life Insurance and Term Life Insurance. You may not know which type of policy is right for you. For the sake of this article, we will focus on Term Life Insurance. Read on to learn when to buy term life insurance.

Term Life Insurance

As the name suggests, Term Life Insurance provides coverage for a specified amount of time. This type of insurance is to provide a financial cushion for those you leave behind. It’s a great option for people who have dependents or individuals who rely on your income. If you don’t pass within the specified term limits, the policy expires. At this point you will either have to set up a new policy or renew your old one.

The two main parts of a Term Life Insurance are the Death Benefit and the Beneficiary. The death benefit is the amount that will be paid out in a lump sum in the event of your death. The beneficiary is the person, people, or organization that will receive the lump sum. The death benefit and beneficiary are determined when the policy is created.

Term Life Insurance policies are also much more affordable than Permanent Life Insurance policies. This is due to the payout process. With a Permanent Life Insurance policy, the insurer must pay out the cash value of the policy whether you pass away or not. With a Term Life Insurance policy, there is no pay out. So if you don’t die, you don’t get the lump sum.

Most people purchase a Term Life Insurance policy once they have children. They want to ensure that their children are financially taken care of if they pass away. Term Life Insurance is also a great option for people who have other assets that accumulate wealth. A permanent Life Insurance policy acts as an investment. A Term Life Insurance gives you protection for a certain time while other assets and investments accumulate wealth to pass on. Once these investments gain enough revenue, people tend to end their Term Life Insurance policies because they are now set with the value of their investments.

Term Life Insurance quote

Term Life Insurance is a great safety net to protect your loved ones and dependents. Be sure you know when to buy Term Life Insurance. If you feel like a Term Life Insurance policy would be great for you, you should give us a call at 1-800-771-7758. SkyBlue Insurance is an authorized rep for some of the leading Term Life Insurance providers in the nation. We can help you find an affordable policy that’s specific to your needs. Find out how much you can get covered for instantly by requesting a Term Life Insurance quote for free!

 

When to Buy Term Life Insurance

We get it: people don’t like talking about Life Insurance because they don’t want to think about death. Unfortunately there will come a time when you’ll need to consider a life insurance policy. There are two types of life insurance: Permanent Life Insurance and Term Life Insurance. You may not know which type of policy is right for you. For the sake of this article, we will focus on Term Life Insurance. Read on to learn when to buy term life insurance.

Term Life Insurance

As the name suggests, Term Life Insurance provides coverage for a specified amount of time. This type of insurance is to provide a financial cushion for those you leave behind. It’s a great option for people who have dependents or individuals who rely on your income. If you don’t pass within the specified term limits, the policy expires. At this point you will either have to set up a new policy or renew your old one.

The two main parts of a Term Life Insurance are the Death Benefit and the Beneficiary. The death benefit is the amount that will be paid out in a lump sum in the event of your death. The beneficiary is the person, people, or organization that will receive the lump sum. The death benefit and beneficiary are determined when the policy is created.

Term Life Insurance policies are also much more affordable than Permanent Life Insurance policies. This is due to the payout process. With a Permanent Life Insurance policy, the insurer must pay out the cash value of the policy whether you pass away or not. With a Term Life Insurance policy, there is no pay out. So if you don’t die, you don’t get the lump sum.

Most people purchase a Term Life Insurance policy once they have children. They want to ensure that their children are financially taken care of if they pass away. Term Life Insurance is also a great option for people who have other assets that accumulate wealth. A permanent Life Insurance policy acts as an investment. A Term Life Insurance gives you protection for a certain time while other assets and investments accumulate wealth to pass on. Once these investments gain enough revenue, people tend to end their Term Life Insurance policies because they are now set with the value of their investments.

Term Life Insurance quote

Term Life Insurance is a great safety net to protect your loved ones and dependents. Be sure you know when to buy Term Life Insurance. If you feel like a Term Life Insurance policy would be great for you, you should give us a call at 1-800-771-7758. SkyBlue Insurance is an authorized rep for some of the leading Term Life Insurance providers in the nation. We can help you find an affordable policy that’s specific to your needs. Find out how much you can get covered for instantly by requesting a Term Life Insurance quote for free!