For anyone just starting out, term life insurance might not be on your bucket list. It’s pretty understandable, as numerous Millennials battle with student loans without leftover for other purchases.
Another point of confusion for many is not knowing which type of insurance to settle for between term life, policy for a set term 10 or 20 years, and a permanent policy like whole life insurance policy. It is not as complicated as it may appear. Think of it this way- While you have homeowners insurance for your home, car insurance to protect your car, with life insurance, you’ll be protecting your family’s financial security.
Take this simple advice, when in doubt buy some life insurance. A study suggests that 40% of people who purchased life insurance wished the purchased at a younger age.
Hint: the younger you are the lower the premium. Term life insurance is a good place to start.
That’s why we’ll be giving you enough reasons to think about getting term life policy.
The primary concern of young people (even most people) with life insurance is the premium to be paid.
However, 80% of American think life insurance is more expensive than it is in reality. Term life policies are relatively inexpensive compared to other life products. You won’t even feel it when it’s taken from your checking account. It is more affordable than your cup of coffee each morning.
It has a single job, and it never falters in delivering on the fine prints. The idea behind buying term life insurance is to replace your income in the event of your demise. You can customize your term life insurance to suit your peculiarities.
For instance, your term insurance might be to cover your insurance, pay off the mortgage, and provide disposable income for your family for a while.
This is quite different from whole life insurance, which could be a bit complicated. According to a study by Consumer Reports, it’s better to buy cheap term life policies while the rest of the change goes to another investment. Regardless, the choice is yours to make.
Many times, your investment into term life coverage is indeed money well spent. While you may nurse the feeling of throwing away money, that money wasn’t wasted in the real sense of it.
Ask anyone with term life coverage; they will tell you of the peace of mind that comes with knowing their family is protected in the event of any mishap. It’s a factor of sleeping well at night, knowing you won’t be adding to your family’s pain if the worst happens.
For a small cost, you’ll be easing your stress level and sleeping well.
While we do our best to make our clients understand insurance policies, term life insurance is one of those you’ll not have to sweat over. It’s quite an easy one to understand.
The criteria for your choice of term life policy should be based on length of term, coverage amount, and preferred company. Once you are paying the monthly premium, you are good to go.
Think of term life coverage as a simple yet affordable means of safeguarding your loved ones’ financial health.