Term Life Insurance
Get Coverage At The Time You Need It Most
What is Term Life Insurance?
Term life insurance is a life insurance policy that provides temporary life insurance, which is called a term. The term usually lasts anywhere from 10 to 30 years and is sold in intervals of 5 years. The term life insurance policy initially was designed to protect the policyholder’s dependents in case they die prematurely. But term life insurance quotes can be built for many different purposes than just protecting dependents.
The best term life insurance is offered through Local Life Pro’s quoting partners.
Values of Term Life Insurance
In most cases the point of life insurance is to protect against the risk of losing the income stream of a household provider in the event of premature death, leaving the family in a precarious position. In many situations this risk exists for a limited time.
Permanent life insurance might not be necessary because as the family matures, the child grows up and becomes self-sufficient and the parents retire. At retirement, income from work drops to zero and the family depends on their retirement savings to carry them through. At this point there is no longer a risk of losing income. In fact, if a parent were to die, the other will be well-supported by a retirement savings originally planned for two.
A typical younger couple is better off purchasing a 20-30 year term life policy to hold them over until retirement, when the risk of income loss and child-care expenses disappears. If couples accurately use and gage a term life insurance policy, they can save much more over buying a permanent whole life policy.
Biggest Bang for Your Buck:
All life insurance policies come with a mortality charge that pays for pure coverage — the death benefit. This benefit is paid for by statistically determined mortality charges regardless of whether you’re buying a term, whole, or universal policy. Individuals just looking for maximum death benefit with the least investment have their best bet with term life since permanent policies (whole, universal) include charges for extra features usually built for investment. But in these certain cases, these features aren’t desired.
Low Up-front Cost:
Term Life Insurance Quotes are extremely simple. The premiums correlate directly with mortality charges, and the charges correlate directly to the policyholder’s statistical likelihood of death. This makes term life insurance for young individuals much less pricey, and easy to secure. Permanent life insurance such as whole and universal try to level out premiums, which necessarily means higher up front costs to reduce what would have been exorbitant premiums for others pass age 60 under non-level term life.
Your policy comes with many different options including the following
A disability income rider is a very valuable add-on available to policyholders when they seek a life insurance policy. Disability Life Insurance is an available option under Term Life, Whole Life, Universal Life, and Guaranteed Universal Life Insurance policies through Local Life Pro.
Quick Life Insurance
It’s quicker, way quicker! Like a hare racing a tortoise, and actually finishing. We complete the process by phone and then you sign it. If approved, your policy may be in place in as tiny as 24-48 hours. How’s that for quick?
A mortgage life insurance policy helps guarantee your loved ones a tax free benefit in the event of your departure — funds they can use to help with mortgage payments. Coverage terms can be found for 15 or 30 years. Premiums could be paid monthly, quarterly, semiannually, or annually.
No Medical Exam
Not enough time to take a medical exam? Not a problem. With our no-medical exam policies, you can get life insurance without the complicated process of examination or medical history. No blood, no urine, and no doctors that have to check up with you every here and there.
Accelerated Death Benefit
An accelerated death benefit rider (ADB) is a benefit that may be attached to a life insurance policy that permits the policyholder to receive cash advances from the death benefit in case of being identified as having a terminal / chronic / critical illness.
When Should I Consider Buying Term Life Insurance?
Term insurance is generally used when the premium for permanent life insurance is way too absorbent, and the need for death-benefit coverage is only temporary. Term insurance typically provides for the largest immediate death benefit amount for each premium dollar. It is appropriate if you are seeking protection for a specific need that will end at a future date such as to pay for a child’s college education expenses, to repay a loan, or to replace income should death occur prior to retirement.
How Does Term life Insurance Differ From Permanent Life Insurance?
Permanent life insurance is intended to never fade, and be an investment account throughout your entire life. Generally, the initial premiums for permanent insurance are higher than term insurance. A permanent life insurance premium is used proportionally to build-up a cash value in the policy. The cash value can be used in a number of different ways including allowing you to take out a loan against the cash value. Term insurance provides protection only for a specified period of time and typically isn’t used to build up any type of cash value for investment.
How Long Will Coverage Under a Term Policy Continue?
How long a term policy will last is dependent on the duration of the term policy you purchase. For example, if you purchase a 5-year renewable term policy, your coverage may be renewed every 5 years up to a specified maximum age limit. If you purchase a 15-year level term policy you will have coverage for 15 years. If you purchase a 15-year renewable level term policy you will have coverage for 15 years and then have the right to renew your term coverage for another 15 years. Find term life insurance quotes with Local Life Pro.
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