Buying life insurance has the potential to cause quite a bit of stress. You know it’s a good decision, but that doesn’t make it any easier to move through the purchase process. Addressing difficult questions associated with your eventual death is never exciting.
Conversely, it’s a good feeling to know that your loved ones are protected by a term life insurance policy. This will give you and them peace of mind.
While there are many types of life insurance to consider, term is among the most popular. Here are some of the reasons why:
- Affordable: When compared to whole life insurance, term policies are more affordable. Since you’re only buying coverage for a specific period of time — instead of your entire life — it doesn’t cost you nearly as much money.
- Flexibility: There are two primary details that are flexible with term life insurance coverage. First off, you have the amount of coverage that you purchase. This can range from as little as $5k up to $1 million or more. Secondly, there are many different terms to choose from, such as 10, 15, 20, and 30 years.
- Simple to buy: You don’t have much to think about when buying term life insurance. Your primary decisions include choosing a company, coverage amount, and length. As you compare your options across these three details, it’ll become clear as to which one best suit you, your family, and your budget.
This doesn’t mean you should definitely purchase term life insurance, but it gives you a clear idea of what it could do for you. You’re then in a better position to compare this type to other options that are on your radar.
If you have questions about how term life insurance fits into your estate plan, contact our law firm. We’re happy to provide you with the professional guidance you’re seeking.