Term life insurance stands out as the simplest form of life insurance, and your TrueCoverage consultant is dedicated to assisting you in finding the policy that perfectly aligns with your needs. Options available to you include:
- Level term life insurance
- Annual renewable term life insurance
- Return of premium term life insurance
- No-medical exam term life insurance
- Decreasing term life insurance
- Mortgage protection term life insurance
- Group terms of life insurance
Determining Term Life Costs:
The cost of term life insurance is influenced by various factors:
- State of Your Health: Insurance companies consider your age, health record, and family history.
- Lifestyle: Factors such as risky occupations, hobbies, and tobacco usage impact the cost.
- Death Benefit: A higher death benefit results in a higher premium.
- Term Length: Terms can range from 10 to 30 years, with longer terms leading to higher premiums.
How Term Life Insurance Works:
Your family relies on your income, making life insurance a crucial element in planning for their future. Although contemplating one’s mortality may be unpleasant, securing life insurance now can shield your family from financial stress in case the worst occurs.
Life insurance is typically purchased to replace your income, enabling your loved ones to cover debts and ongoing living expenses. A well-structured term life insurance policy aims to ensure sufficient funds for paying off debts or maintaining a mortgage in the event of your demise. Other potential expenses, such as college fees, should also be taken into consideration.
Term life insurance pays out if the insured passes away within the fixed term, typically 10, 15, 20, or 30 years. The monthly premium remains fixed for the policy’s duration, determined by the age at which you initiate the policy. Starting young and opting for an affordable amount is advisable. Regularly reviewing your situation, especially during major life events like planning a family or managing ongoing commitments such as college fees, can prompt adjustments to your coverage, possibly with a suitable shorter-term policy.
Common term life policy amounts range from $100,000 to $250,000. While this might seem substantial, it’s crucial to be realistic about your coverage needs. Premiums vary by age and gender, with annual premiums for a $100,000 policy approximately $275 for a 30-year-old male and $770 for a 50-year-old male. Female premiums are roughly 15% lower.
A cautionary note: Premiums for smokers are notably higher, although many companies offer reduced premiums for those who quit. We extend a complimentary review of your existing policies, including Life, Health, Dental, Vision, and relevant supplementals or riders, ensuring optimal value for your investments in security. Feel free to consult with one of our Advisors without any obligation.
