Term life insurance, according to Dictionary.com, means simply a life insurance policy where payments are made over a fixed term, with the value of the policy only payable if death occurs within the term.
But who needs term life insurance?
Discerning Your Needs
The best way to determine your insurance needs is to do a little research. Life Happens, a non-profit organization, says one of the main reasons more people don’t have insurance is they believe they can’t afford it. Many people over-estimate the cost of insurance by 2x or more.
Their site has guides to the different types of insurance available, and the different advantages each of them offer. But why would you need term life insurance?
This type of insurance is best if:
- You only need insured for a short period of time.
- You have limited financial resources.
- You want to protect your family’s lifestyle you provide with your income.
- Your bank or financial institution requires it as a condition for a loan.
But Which Insurance Is Best?
Some sites, Like Life Happens, can help you determine if you need insurance, how much, and what you should expect to pay with their online calculators and resources. You’ll still need to talk to agents from several insurance companies to see what they offer and to find out which company is right for you.
There you can learn about:
- Rates over time
- Health effects on the policy
- How this type of insurance protects your family and investment
By doing research into term life insurance, you will know what to expect when talking to agents, and will have an advantage when looking for the policy that meets your needs.You’ll be better able to understand how they arrive at the numbers they quote you, and have the knowledge at hand to get the exact policy to fit your needs.
The more information you have, the better the protection your policy can provide in case the unthinkable happens. If you have an idea of what you need, you can find term life insurance to pay off expenses and protect family assets, and keep your family secure during uncertain times.
Security. The right term life insurance policy can provide it if you need it. Who needs insurance? Everyone does. But the only way to know if you need a term life insurance policy is to look at the factors involved, your needs and the needs of your family. With this information at hand, you can make the best decision for your family.