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Little Known Facts About Term Life Insurance

Updated on September 22, 2017
Janey Smith profile image

Janey graduated from Syracuse University's business program. She owns J. Lee Services which supports small businesses in the Atlanta area.

Seven You may No Know About Term Life Insurance

Here are a few things that you may or may not know about term life insurance. These are meant to give you some basic information in order to help you make an informed decision on your insurance policies

1. Smokers can get life insurance.

There are many insurance companies out there that will not offer smoker’s term life insurance policies. However, there are many companies that have a policy options for you that will not break your budget. Understand that while a smoker likely will not be offered the lowest rates, it is important that you share this information upfront in order for us to guide you to the best option most suited for your needs. With the right approach, smokers can find an affordable life insurance policy that will help secure their family’s financial future – at the best rate.

2. Getting term life insurance coverage is easy.

Today, all you have to do is pick up the phone and put a call in to your local insurance agent. Insurance companies offer many options for policies that will fit your needs no matter what your situation is. They can even set up an in-home appointment to make sure you understand the policy completely. Agents are there to help you, use them.

3. Term life is a good planning tool.

With a term life insurance policy, you can have confidence that during a certain period of time (10, 20, 30 years), your family and loved ones could manage some of the potential costs they incur even if you were gone. Some of these costs include: a mortgage, paying for a college education, replacing missing wages, and burial costs.

4. A term life policy is inexpensive.

Most people believe that life insurance is three times more expensive than it actual is. Relative to a permanent policy, which does not have a set period of time and pay benefits no matter when you die, term life coverage is much more affordable. Because of this, you can receive more coverage to protect your family when they will need it the most. Start shopping for quotes today and see how truly affordable coverage can be.

5. Term life insurance is very easy to understand.

Unlike other invests, where you have to be aware of where money is being invested, how much you will receive at maturity, and the multitude of other factors and features that need to be kept track of which can be confusing, term life insurance is simple. You pay a premium (a payment towards your policy) for a certain period of time (10, 20, 30 years), and if the insured dies, your family and loved ones get the sum (amount of money) that the policy is assured for. If the insured does not pass, then no benefits (monies) are issued.

6. Term insurance balances your family’s financial portfolio.

Purchasing term life insurance will help balance your family’s financial portfolio. Just as it is good to have a balanced diet, your financial portfolio should be the same. It is better to make sure that all of your finances are covered. You invest in various ways to plan for the future such as an IRA or the stock market, but if anything happens to you, your family will have the funds from your term life policy to help them get back on their feet. This way, your family does not have to pull money out of other investments and comprise their futures. This makes term life insurance the best option for those that want to spend less on a premium and receive a good sum assured. In the end, your family is protected without putting other investments at risk.

7. Life insurance brings peace of mind to you and your family.

The main reason you should invest in term life insurance is to protect your family and loved ones. Two out of three American’s believe that insurance brings peace of mind. Insurance is meant purely to assure that after your gone, you family is financially safe. When purchasing term life insurance, please keep your family’s safety at the forefront, because that is what matter the most. Sleep well at night knowing that they are secured in the off-chance that something happens to you.

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