We know there’s a lot of information out there about term life insurance, and it can be confusing! So, let’s cut through the clutter and get to the heart of what you need to know:
- Term is temporary: It covers you for a set time, like 10, 20, or 30 years. Think of it as renting protection.
- It’s budget-friendly: Because it’s temporary, term insurance is usually the most affordable option.
- Premiums can go up: If you renew your term policy, you can expect your rates to increase, sometimes dramatically.
- Coverage ends: Your term policy won’t last forever. It expires when the term is up, and you might not qualify for a new policy if your health changes.
So, what does all this mean for you?
- Consider your goals: Term insurance is great for short-term needs like paying off a mortgage. But if you want lifelong protection, you’ll need a permanent policy.
- Choose wisely: Look for a term policy that’s renewable and convertible. This gives you the flexibility to adjust your coverage as your needs change.
- Think about the future: If you’re young and healthy, term might be a good place to start. But as you get older, you might want to consider adding a permanent policy to your coverage.
Need help figuring out which option is right for you? Let’s chat! Our easyLife experts can help you understand your options and build a plan that fits your unique needs and budget.