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Buying Term Life Insurance for Your Family
It's possible to cover your entire family with term life insurance. Term policies tend to be more affordable than permanent policies, making it a good option for families trying to stick to a budget. Learn more how term life insurance can offer your family peace of mind.
Term Life Insurance Uses
Term life insurance expires after a certain period of time (the term). It does not carry a cash value like permanent life insurance. Beneficiaries can use the payout from a term life insurance policy for a variety of expenses, such as:
- Funeral Costs
- Burial Expenses
- Loss of Income
- Estate Settlements
- Medical Bills
- College Loans
- Family Counseling
- Work Leave
- Educational Costs
Qualifying for a Policy
Typically, the younger and healthier you are, the lower your life insurance premiums will be. Generally, a health care professional comes to your home and performs a physical exam that helps determine your overall health and any pre-existing conditions you may have. This exam usually involves a blood pressure check, weight analysis, and blood sample. You may also be asked about your health and habits like smoking.
Who Benefits from Owning Term Life Insurance?
Young adults and growing families can benefit from owning term life insurance.
It's possible for spouses to buy a joint life insurance policy that covers both, or each can obtain their own term policy. A rider (an extra policy feature) can then be tacked onto any policy for an additional cost and provide coverage for children — which typically offers a much smaller death benefit than an adult policy.
Taking out policy riders for your children is a personal decision. Talk with your spouse and a licensed agent to decide if your children need coverage.
Speak With an Agent
A licensed agent can help determine the right life insurance option for you and your family. Speak with an agent today at 1-800-966-7169.