Insurance Plans of America Blog
Having Term Life Insurance makes us feel secure for our future. It provides funds for paying a mortgage, paying for our kids’ college, and other necessities. What if you are no longer around to earn a paycheck? What will happen to Term Life Insurance? Let’s dig in further.
Definition Of Term Life Insurance
Term life insurance is a one-of-a-kind contract that says if you die, the insurer will cover the beneficiaries of the policy. If you’re buying life insurance to cover the years until your children are through college or just taking out a 30-year mortgage, you’re likely looking at term life.
How Much Do You Need?
If you’re like most people, you’ll probably need to replace your salary for a term life insurance policy. You might want to know what kind of income replacement (paying debts instead of salaries) is the goal.
What Happens If Term Life Insurance Ends?
You can save your money with a term life policy that will expire at the end of the term, such as 10, 20 years, or 30 years. You won’t receive a refund for your premiums paid (unless you purchased “return of premium term life insurance”).
If you still want life insurance at the end of the term, you can renew the policy. However, you have to pay a much higher rate.
How Can You Use Term Life Insurance?
If you’re worried about how much you should be paying for life insurance, think again. The Term Life pays for any financial priority, whether it’s paying routine living expenses or funding college tuition.
What Are The Advantages of Term Life Insurance?
Your premium payment is guaranteed to be paid out in full if you die within the term of your policy. It is a great way to ensure you have enough money at the end of your life. Also, it ensures your loved ones always have a means of paying for medical expenses.
A life term insurance can be a very expensive way to protect your family, but now you’ll never have to worry about it because investing in it is definitely worth the price.
At Insurance Plans of America, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (877) 752-6711. Get your free quote today by CLICKING HERE.