Term Life

Term Insurance is the most popular form of life insurance purchased in the US. But what makes it so popular and why do so many people buy it? Perhaps price is the main reason. Term insurance coverage is less expensive than a traditional whole-life policy. Often, the difference in premium is thousands of dollars per year, and tens of thousands of dollars over your lifetime depending on the face amount.

Whole Life and Universal Life insurance policies still should be considered when evaluating your personal finances. They feature certain advantages such as equity building and permanent death protection. But if accumulating cash for retirement is a priority, these types of policies may not be the best option.

Undeniably, term life insurance is also the simplest and purest form of insurance. If you pay the premium, the death benefit will be paid. If you don’t pay the premium, your coverage ends. There are no penalties and no outstanding taxes. The term is usually between 1 year and 20 years and almost always renewable.  The rate will be higher however and could become unaffordable as you get older.

Certainly, we are not suggesting that this type of coverage is the perfect fit for everyone. But it is the most efficient and inexpensive method to provide large amounts of death benefit at an affordable cost. Term insurance is also one of the most customizable types of life insurance, allowing you to buy precisely the exact amount of needed coverage.

We generally suggest a combination of Term and Whole Life.  Utilizing a Whole Life policy guarantees you will not outlive your insurance in your later years.  It is perfect to care for long term needs such as final expenses or providing a legacy for your family.  Term Insurance is ideal for the temporary needs of covering a mortgage and providing protection while the family is growing.

We are contracted with most of the major Term Life insurance companies.

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For more information contact Ted Ratliff at SeniorCare Financial Services 877-546-7441 or email us at ted@seniorcarefinancialservices.com