Life insurance can be an iffy topic for people because talking about death and disease does not make for a pleasant dinner conversation. However, it is important that acknowledge that life is unpredictable, you may be fit and able to provide for you family today but you never know what the future holds. It is understandable if you want to avoid whole life insurance because it is a really expensive option for families.
This is where another option steps in; term life insurance has been becoming more and more popular lately, especially amongst younger adults. For those of you who do not know, term life insurance unlike permanent life insurance, lasts for a certain amount of time ranging from a few years till up to 30 years. You can get 30 year term life insurance quotes from various companies online.
The biggest benefit of term insurance is that it does not cost that much upfront unlike whole life insurance which funds the death benefit and accumulate cash value. Term insurance only provides you with the death benefit (amount paid to beneficiaries when policy owner dies).
Since term insurance only lasts for a certain amount of time depending on the policy the policy owner chose, you can cover a number of things with the death benefit provided by the insurance company. Your term can cover your children’s college education or your mortgage and financially support you for a certain amount of time. 20 to 30 year terms can help with mortgage payment, now would be a good time to look for 30 year term life insurance quotes.
If your term expires and the policy owner is still alive, they have the option of renewing their term. However, you will have to go through the entire process again and your health is evaluated. Deteriorating health would result in higher payments or you will not be a considered a candidate for renewal. So, choose your term insurance range wisely.