The Growing Benefits of Term Life Insurance for Families

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In this day and age, life insurance coverage is simply crucial for families.  This is especially true for parents that are aging and want to leave something behind for their loved ones.  While there are countless life insurance companies on the market, finding the right coverage and policy can be a tedious task.  From monthly premiums to meet deductibles and benefits, customers have to keep a keen eye on all details and coverage policies.  In recent years, term life insurance has seen a strong resurgence in popularity in South Florida and across the nation.  In fact, there are several benefits of term life insurance for families searching for comprehensive and affordable coverage plans.

The Benefits of Term Life Insurance

Like the name suggests, term life insurance is based on coverage and premiums for specific periods of time.  These are usually 10 to 30 year terms, however, the term options can differ from provider to provider.  This type of life insurance coverage is considered the most affordable and easiest to secure.  Some policies, however, can be a bit expensive depending on your family needs.  Once the initial term of coverage expires, premiums are also sure to increase if continued coverage is desired.  Still, term life insurance is beneficial to families, spouses, and loved ones in that they offer full payouts in the event of sudden death or chronic illness.

Additional Benefits of Term Life Insurance

Term life insurance offers cost-affordable protection at level premiums.  These premiums are based on the desired coverage amount needed, and spread out through periods of 10-30 years.  While life insurance carriers differ in policy and coverage terms, premiums do not suddenly increase after the initial coverage period ends.  If looking to increase coverage or add other options, premiums can increase based on carrier policies and adjustments.  Still, there are several benefits associated with this type of coverage especially during the coverage period.  These include but are not limited to:

1.) Payments stay level for extended coverage periods.

2.) Flexible options available to adjust, modify, or upgrade coverage policies to meet your needs.

3.) Less expensive than other whole or universal life insurance policies.

Example of Affordable Term Life Insurance Coverage Rates

Term life insurance rates depend on several factors.  This includes age, along with health and pre-existing conditions.  Most policies, however, do not depend on these factors and simply require lesser criteria in order to be eligible for coverage.  Still, there are certain constants within the life insurance industry that pertain to nearly all service providers and carriers.  An example of affordable term life insurance includes:

A 30 year old male securing a $100,000.00 life insurance policy for a 10 year term coverage/monthly/quarterly premium payments can be as low as $7.20 per month.

How it works: During the initial benefits and coverage period of 10-30 years, the benefits and premium amounts are guaranteed.  This means you get the maximum coverage for when you need it the most.  At the end of the initial benefit period, your coverage becomes modest but the premiums required do not increase.  If you choose to upgrade your coverage policies that can result in higher premiums with a stronger range of benefits.  If you prefer to stay with the same coverage plan, renewals are available at the same cost.  You would receive the same benefits as well however, this must be determined by your respective carrier or insurance service providers.

Finding the Right Term Life Insurance Policy

As mentioned earlier, finding the right term life insurance carrier can be a tedious task.  According to industry experts, you must perform detailed and intricate research before signing anything on paper. This includes comparing service providers, along with quotes, benefits, and the coverage periods and terms each company offers.  You also need to check if any penalties will be assessed should you terminate your policy before its official termination date.  A great way to secure timely life coverage is by checking the Internet.  You searched for “life insurance in Florida” or something to that effect to find this article and my insurance blog.  Being an experienced insurance agency owner, I would strongly recommend contacting my team and I should you have any questions or would like a no obligation life insurance quote.

Difference between Term and Whole Life Insurance

There are several differences between term and whole or universal life insurance policies as well.  For one, term life insurance is easier to understand and manage.  In a nutshell, you pay low, fixed monthly premiums based on the term life insurance policy length.  You also choose the amount of coverage you need for yourself or family members.  Term lengths usually range from 10-30 years, and coverage amounts range from $100,000.00 to well over a million dollars.  Whole life insurance is very expensive and not as flexible as term life insurance.  This is due to its investment aspects, which can be rigid and concrete in nature.  These policies also cost thousands of dollars per year to secure, as opposed to term life policies which are only in the hundreds.  This includes any upgrades, modifications, and changes to premium amounts as well.

Protecting Your Loved Ones is Essential

With term life coverage, your spouse and loved ones are guaranteed true and lasting protection.  In this day and age, anything can happen at any time.  This includes work-related accidents, along with injuries stemming from accidents and falls.  Sickness and health related issues can seriously impact the primary breadwinners ability to effective provide for his or her family.  This is why life insurance is important because life is simply unpredictable at every turn.  Sudden death can also leave families with a heavy burden of bills, taxes, medical costs, and debts.  With term life insurance, guaranteed payouts help families and loved ones deal with the sudden loss of a parent.  These policies also pay to the penny, which means your premiums did not go to waste.

Term Life Insurance Agents at Brightway Insurance – Cole Family Agency

While checking the Internet for term life insurance companies and services is essential, sometimes it is better to speak with agents.  With years of extensive industry experience, I manage a team of life insurance agents that will work with you to select the right plan to meet all your needs.  Not only do they compare top providers on the market, they also help secure the lowest monthly premiums available with the highest coverage options and benefits.  My term life agents will explain all the intricacies and details of the policy in a timely and professional manner.  They also help you apply for coverage, while filing any related documents to secure coverage in an expedited manner.

Investing Your Money the Right Way

Term life insurance policies also allow you to invest your hard-earned money yourself.  This is much better than having an insurance company or agent do it for you.  Most times, traditional life insurance companies are somewhat conservative and rigid I how they invest your funds.  This can leave you with out of pocket expenses, and simply unable to reap the benefits associated with term life insurance coverage.  If you have investing know how and experience, you should be able to save money with your term life insurance investment.  All it takes is a simple phone call, e-mail, or online application to get the process rolling.  You have worked hard your entire life and now it is time for it to pay off.  Do not put your hard earned monies in the hands of others that are simply looking to make a buck.  Term life insurance policies can be modified and adjusted to meet your coverage needs within time and budget.

Short Term Coverage Options

Term life insurance policies are also great for covering short-term financial needs.  This of course, is beneficial to families if a parent or loved one suddenly passes away.  Short-term financial coverage can help families with college education costs, along with medical bills, credit card bills, debts, and especially mortgages.  A great way to balance your investment is by purchasing plans that expire or correlate with your childs college graduation date.  This way, he or she is secured in the fact that they can use the money after a parents death to pay for the college loans they have accumulated.  Similarly, the breadwinner can purchase term life insurance plans that match his or her home loans.  This will protect their mortgages, and keep their properties after they are no longer with us.

For more information on the benefits of term life insurance or to get a no obligation quote contact my team at Brightway, Palm Springs or Brightway, Boynton Beach North office.

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