Term Life Insurance

Term Life Insurance

What is Term Life Insurance?

For those who don’t feel comfortable having a permanent insurance program, term life insurance allows you a more affordable option that offers flexible protection. These plans offer a specified period of time where your premiums and coverage are locked in, but will be renewed at a revised premium after each term.

How Does Term Life Insurance Work?

You can choose a life insurance term anywhere from 5 to 30 years, and as you are nearing the end of your term, you will have an opportunity to either renew or cancel your term or move to a permanent life insurance program. When your term expires, your premiums will change based on your new life expectancy, including factors like your age and general health.

Choosing a term length that is suitable for you is important, as it means you don’t have to worry about increasing premiums for the length of your term. Choosing a term for your life insurance that is too short can lead to you paying more than you anticipated as your premiums go up.

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When to Get Term Life Insurance

We don’t mean to rush you, but the earlier you buy your term life insurance, the better! Since age and general health are so important to determining your premiums, it’s generally much cheaper to lock in your term while you’re young and healthy!

Most people generally start thinking about life insurance in their 20s, when you have already accumulated some serious financial responsibility. If you die for any reason, your debts or payment responsibilities could fall to those you love, and without a plan, they can be left with a considerable financial burden. In your 20s, your risk of death is generally very low, and your premiums will show it. Locking in a low premium can save you a lot of money in the long run.

What about those who are older? If you are in good health, it can certainly help. Age is not the only factor that goes into a term life insurance policy, and it can end up being more affordable than you thought.

Benefits of Term Life Insurance

  • Cost: Since term life insurance is only for a set period of time instead of being permanent, costs associated generally tend to be lower. It also makes for an attractive option for young families with not a lot of extra cash to burn on a permanent plan.
  • Flexibility: There are lots of options available for those with differing needs. Perhaps you need a short 5-year plan to ensure you can cover short-term debt expenses like your child’s tuition. A 30-year policy might be a solid option if you need to cover tuition and a mortgage. Needs might additionally disappear over time, and so might the need for an extensive policy.
  • Simplicity: Term life insurance is very easy to understand. When choosing a plan, your main decisions involve how much coverage you need and how long you want it to last. So long as you pay the premium, you’re covered!

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Why should I choose dropdead life insurance for a 20 year term life insurance?

As our lives change, our needs change. Your student loan is paid, but you still have a mortgage. Your kids are grown, and now you have a chance to buy that vacation property. Having coverage that will follow you through whatever life brings may be your best choice. Whatever you choose, rest assured knowing you have provided your family with financial security in the event of your death. Dropdead Life Insurance makes the choice and process of getting life insurance fast and easy.