In terms of cost, term life insurance is less expensive than whole life insurance as it protects at a certain amount of time. The coverage expiration date has a predetermined time, so the life insurance company would anticipate that they will never payout as you outlive the terms and the policy expires. Meanwhile, whole life insurance premiums are more costly as its policy still payout no matter when you die.
If you get term life insurance, you have a variety of options to choose from, like how long the coverage lasts, locked-in rate, etc. For instance, you can get a policy that can last at least one year, having an annual renewable term life. Some plans even come for 10, 15, 20, and even 30 years. You can also lock in rates for at least five years if you have to cover the short-term debt, like school tuition for your children. For example, you can get a 30-year policy covering your mortgage and your children's college tuition.
Suitable for young families
Knowing that term life insurance does not produce cash value and only covers a predetermined time, it is more affordable and a better option for young families. If you are merely starting a new family life, you surely are on the verge of financial stress for your children, auto loan, mortgage, or savings for tuition and retirement. With term life insurance, be at ease as you do not need to gut your wallet.
Unlike with other life insurance policies, term life insurance is way easier to comprehend, especially for amateur insurees. With only three main decisions: coverage amount, preferred insurer company, and the length of the term, enjoy a simple and affordable way of guaranteeing your family's financial stability in times of emergency.
At Roper Insurance Services, 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 (828) 697-6709. Get your free quote today by CLICKING HERE.