Term Life Insurance
When you know you want to provide life insurance benefits to your loved ones in the event you die prematurely, it's easy to find yourself confused by all of the different types of policies, and policy options, available. Term life insurance can be an affordable way to provide some financial protection for a specific period of time.
What is Term Life Insurance?
Term life insurance coverage is just what it sounds like: life insurance for a specified policy term. The coverage is in effect for a term of years that you choose up front, usually ranging from 10-30 years. If you die while the policy is in force, the insurance company pays death benefits to your named beneficiaries.
Why do I need Term Life Insurance?
The number one reason for purchasing term life insurance is to provide peace of mind to your loved ones. If you were to die prematurely, would your loved ones be able to maintain their standard of living? Term life insurance can provide a cash death benefit that could be used to pay your final expenses including the expense of a funeral service, pay off a remaining mortgage balance, fund children's education expenses, or just to help pay ongoing expenses after your death.
How does Term Life Insurance work?
Like other types of life insurance, term life insurance starts with an application for coverage with an insurance company. Once a policy is in force with the company, you pay monthly, quarterly or annual policy premiums to maintain coverage. If you die during the specified policy term, the insurance company pays the specified death benefit amount to your named beneficiaries.
Choose Symmetry for Term Life Insurance
There are a lot of insurance agents and brokers offering to sell you their own company's life insurance policies. Symmetry Financial Group is different. As a truly independent insurance provider, we can shop and have access to policies from more than 30 different life insurance carriers. What this means for you is that you have options.
At Symmetry Financial Group, our clients always come first. We take the time to get to know each of our clients and understand their needs and goals before recommending any insurance solutions. We believe that helps us better serve you, because we're able to offer a variety of coverage options and solutions to meet your specific needs.
To learn more, and to get quotes for term life insurance coverage to protect your loved ones, contact us today at (877) 285-5402.
Frequently Asked Questions
Q: What are the advantages of Term Life Insurance?
One of the biggest advantages of term life insurance is its affordability. Insurance companies can offer lower premium rates for term insurance coverage than for permanent policies because the odds of death during the policy term favor the insurance company.
Term life insurance policies are also a great way to maintain flexibility, and to adjust according to your family's changing needs. If your insurance needs change and you realize more permanent coverage is a better option for you, most in-force term life insurance policies can be altered to permanent life insurance or whole life.
Other popular advantages of term life insurance include:
- It can be used to supplement life insurance coverage provided by your employer
- Policies provide a fixed death benefit for a time period that you choose up-front
- In addition to the specified "face amount" death benefit, your policy may include a return of premium option
- Some policies also offer other coverage options including critical illness and disability insurance protection
Of course, there are a lot of policies and policy options to choose from. When considering purchasing a term life insurance policy, you'll want to keep your financial situation in mind and select coverage that best meets your needs. You may not find a single term life policy with all of the features you want or need. Therefore, it is important to understand the features available to make the best decision for you and your family.
Q: Do I qualify for Term Life Insurance?
For some policies, you do not need to submit evidence of insurability beyond the application questionnaire, meaning you shouldn't need a physical examination to qualify for coverage.
Q: Can I afford Term Life Insurance?
Because it is intended to provide coverage only for a specific amount of time, term life insurance is generally the least expensive type of life insurance you can buy. Your specific premium will be based on your age at the time you purchase the policy, as well as on your overall health. Non-smokers in good health will typically pay low premiums.
Q: When should I buy Term Life Insurance?
The best time to buy term life insurance is now. Life insurance is intended to provide a cash death benefit to your named beneficiary (or beneficiaries) after you die. Of course, none of us can know when we'll die, or when our health situation might change for the worse.
Because qualifying for term life insurance is based on your health at the time of application, it just makes sense to buy coverage now. Hopefully, your term life insurance policy will never be needed. If it is, your loved ones will appreciate the fact that you took the time for insurance planning when you did.