For many people, thinking about what happens after they’re gone is a sensitive topic. However, it’s imperative that you take the time to consider all of your options so that your loved ones are protected financially. At Findinsurance.com, we understand that getting life insurance is a delicate process, which is why we connect you to the best term life insurance companies around.
What Is Term Life Insurance?
No matter what type of coverage you get, life insurance is there to provide financial stability for your loved ones once you’re gone. Without a plan in place, financial burdens like funeral expenses and debts can pass to your family, which can be crippling if they’re not prepared.
A term life insurance policy is designed to protect you for a specific period (a term). Typically speaking, these terms can be anywhere from 10 years to 30 years, although you can renew them if necessary once your time has expired.
Overall, this is the simplest form of life insurance there is – you pick a plan, a term, and your family is protected until that term runs out. If you die within that period, then the money is paid to your beneficiaries. However, if you let your policy lapse and you pass afterward, they get nothing.
As you can imagine, term life insurance for the elderly is usually a good idea. Rather than paying for total coverage, it can be better to set a term of 10 or 20 years, knowing that you will pass before then.
Elements of Term Life Insurance
The best term life insurance companies will provide you with a simplified policy that pays out a substantial amount upon your passing. Also, most of these plans are affordable, making them accessible to almost everyone. When talking to your insurance agent, you will want to consider the following factors:
- Debts – how much do you currently owe, and will any of your debts be liquidated upon your death? How soon can you repay all of your debt?
- Funeral Costs – you should start planning for these costs now and find a policy that can cover them completely.
- Inheritance – do you want to provide extra income for your children once you’re gone?
- Multiple Earners – are you the only one making money in the household? If you passed away unexpectedly in the near future, how will that impact your family financially?
All of these factors will help you find the right term life insurance policy for your needs. You can determine the length of the term, the amount of the payout, how quickly it can be paid, whether the money will be earmarked for certain items (i.e., funeral expenses), and your monthly premiums.
The Difference Between Term and Whole Life Insurance
While term life insurance is excellent for most people, it may not provide sufficient coverage for your loved ones. Here are some things to consider when choosing the right plan:
- Premiums – whole life insurance plans are generally more expensive, but your price is locked in for life.
- Value – whole insurance policies will accrue value until they are paid out
- Lifelong Coverage – you get a death benefit for as long as you pay your premiums. There is no term, so it never expires or lapses.
Use the Best Term Life Insurance Companies For Your Coverage
At Findinsurance.com, we know how crucial it is to provide for your loved ones when you’re gone. That’s why we connect you with the best term life insurance companies so that you can find coverage that fits your needs. Fill out the form to the right today!