Term Life Insurance Information

Why would people buy term life insurance if permanent, or whole life insurance is available? Term life insurance provides protection when you need it.

For instance, if you have 19 years left on your home mortgage and that's when your children will be graduating from college, then a 20 year term life insurance policy may be the least expensive form of protection providing the financial security your family needs. Compare and Save on Term Life Insurance

Term life insurance offers much lower rates than permanent life insurance. This means you can afford much higher levels of protection for your family. That's why many people who have permanent life insurance also purchase term life insurance to provide additional, or supplemental coverage for their family.

When you buy your policy you choose a term or period of protection for your term life policy. For instance - 1, 5, 10, 15, 20 or 30 years. This provides protection the the specific period of time you need it for, such as, until your mortgage is paid off or the kids graduate from college.

The cost of your term life insurance policy depends on several factors including: your age and health status, and the amount of life insurance protection you need. Usually, non-smokers in good health are able to get the lowest rates on term insurance.

Level term policies offer you level premiums, meaning the rate remains the same for the term of your policy. There are also term life policies that offer increasing rates each year.

If you die during the period of your policy coverage, your beneficiary will receive the death benefit which is the face amount of your term life insurance policy. Some policies (such as decreasing term life insurance policies) decrease over time.

Your beneficiaries can use the money they receive from your term life insurance for anything they choose including living expenses, medical bills, credit card debt, funeral expenses, and college education for your children or grandchildren.

Generally, beneficiaries do not have to pay federal income tax on death benefits from a term life insurance policy. However, depending on the size of your estate, beneficiaries may owe estate taxes. Get A FREE Quote Now