At almost any stage in your life, there are people who depend on you on way or another. Life insurance provides your loved ones with protection, and gives you the peace of mind in knowing they are taken care of if something were to happen to you. Life insurance pays out a set amount to your beneficiaries, and they can use this money for anything they need, such as paying off a mortgage, future college expenses, compensation for your lost income or final/medical expenses. Most financial advisors recommend that you have 7-10 times your annual income in life insurance coverage; if you have young children or a mortgage, you should have substantially more in coverage. If something were to happen to you today, would your loved ones be in put financial strain? Do have enough in savings to protect your family’s future? Millions of Americans that have life insurance acknowledge they don’t have enough, are you one of them? Click here to instantly receive a free quote from a licensed agent today, and give yourself the peace of mind in knowing that your family is taken care of. Prefer to call instead? (800)465-4256

Learn more about Term Life Insurance...                      

Term life insurance offers an affordable alternative that insures you for a set term and typically gives you the flexibility to make changes in the future if needed. The term is decided when applying for the policy, with the most popular terms ranging anywhere from 10 - 30 years. If you live past the term, the policy can be renewed, but the new premium will be more expensive as it based on your attained age. Most people will simply let the policy expire and purchase a new policy based on their needs at that time rather than renewing.

Term life insurance policies do not build any cash value, which is one of the reasons why it is less expensive. The rule of thumb is that the longer term you choose, the more expensive your policy may become, as the policy provides insurance to an older age. The most popular type term life insurance is called level term, in which payments stay exactly the same until the term expires; the other variations are increasing term, decreasing term, and return of premium, which are described below.

Is it right for me?

• Term life insurance typically offers the most coverage for the least cost, and allows much flexibility, including choosing the term that best fits your needs and the ability to convert into a permanent policy
• Many individuals also use a term life insurance policy to add on or supplement existing policies, especially during times of need, such when you're expecting a child, getting married, or buying a house
• Since term life insurance is relatively inexpensive, these policies do not build cash value and have a set term that they provide coverage for
• If the death benefit is paid out to your beneficiaries, it is generally not taxable, so they will receive the full amount of the policy

Different Types of Term Life Insurance

Level Term

Level term life insurance is a basic policy in which the payments stay level; the payments and coverage are "locked" in for the life of the policy. This is the most predominant type of term life insurance in the market and remains popular due to the assurance of knowing that payments will remain the same until the policy expires.

Increasing Term

Increasing term life insurance is a variation to term life, in which both the premium and the coverage increase over time, at a given rate. Though less popular than level term life insurance, increasing term is for individuals who will have a larger need for life insurance in the future.

Decreasing Term

Decreasing term life insurance is practically the opposite of increasing term, where the policy coverage amount decreases over time, but the premiums generally stay the same. This type of coverage may be favorable for those who have a decreasing need for life insurance, for example, those looking for coverage only until their mortgage us paid off or their kids are grown up.

Return of Premium

Return of premium term life insurance can seem almost too good to be true; a term life insurance policy that returns every penny paid into the policy if you out live it. These policies are typically more expensive than level term, but still more affordable than permanent life insurance. Also, if the policy is canceled, more carriers will return a portion of the amount paid.