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Is Term Life Insurance Right For Me?
By Marc Anthony Cervantes
What is Term Life?
Term life insurance is just one of the few different types of life insurance policy options. Unlike whole life or universal, term life offers a very affordable approach to purchasing a substantial death benefit. The term life option provides a policy coverage that generally ranges anywhere from 10 to 30 years. During this time, if the insured were to pass away within the term agreements, their beneficiaries are eligible for payout, this is known as the death benefit, There are many available options within term life so it is best to consult an insurance professional to determine what is right for you.
Why is life insurance important?
Buying a house? Recently became a parent? Need to pay for college? These are just a few of the life changes that emphasize the importance of having good life insurance. Life insurance allows you to financially protect your beneficiaries in the case of unforeseen loss of life. There are many other benefits that can be utilized.
Benefits of Term life insurance:
• Term life policies are generally convertible to permanent coverage giving you important options if your life insurance needs change.
• Term life provides guaranteed level premiums for a specified period of time, generally 10, 20 or 30 years.
• Custom payout options that help protect your family from financial hardship when dealing with loss.
• Term life is a good option for covering obligations that have an expiration date such as mortgages, college education, or replacing your income during your working years.
• Term life payouts can help mitigate activities that were formerly provided by a homemaker so that things like cleaning and day care costs don’t overburden your finances.
• Payouts help cover personal debts and final expenses. Even if you don't have children, you should consider having enough life insurance to cover personal debts, medical bills and other end of life costs. If you are uninsured you risk leaving unpaid expenses for your family or executor to deal with.
Term life options:
Simple term offers level term insurance with face amounts low enough to fit most budgets. Premiums are guaranteed to stay level for a specific period of time. These level premium periods are generally 10, 20, and 30 years. After the level premium period, premiums will generally increase. Simpler term has an easy to complete paperless application with an accelerated underwriting process.
Value term provides affordable life insurance coverage with premiums that are guaranteed to stay level for a specific period of time. These level premium periods are generally 10, 20, or 30 years. After the level premium period, premiums will generally increase. Farmers value term offers a higher face amount than Farmers simple term, and has a variety of available riders to meet your specific needs.
Decreasing term: is an option from Farmers that has a decreasing death benefit designed to mirror the declining loan balance of a traditional fixed home mortgage. Once the death benefit is reduced to 20% of the initial face amount, it then remains level until the policy expires.
Don’t put off life insurance!
Life is full of the unexpected and sometimes things happen quicker than we can react. The younger and healthier you are, the lower your premiums will be.
Farmers Insurance provides great protection for an even better price. A Farmers term life policy can help protect your family's financial well being if something unexpected were to happen to you. If you have other qualifying Farmers policies, you may be eligible for our multi-line discounts.
My name is Marc Anthony and my office has helped hundreds of families throughout Washington and the Yakima Valley get the coverage they need. We offer free consultations with same day quotes and coverage. So don’t wait, make the smart choice, and protect your family with life insurance
The more you know the better you can plan for what's ahead.