image of insurance rep talking to coupleLife insurance is the type of investment you hope never needs to be available to your loved ones. However, it is there in case there is a need for it.

Your insurance agent can help you determine the type and amount of life insurance for your needs. A variety of factors play a role in this decision.

How Does Term Life Insurance Work?

Term life insurance is one of the most commonly used forms of coverage. It provides financial protection for the policyholder for a set number of years. This period is the term.

During a term, if the individual dies, the policy provides the beneficiary with a payout. Term policies offer benefits including affordability. They tend to be less expensive because they are in place for a limited time. This is in comparison to whole life insurance plans that cover most of your life.

Choosing the Length of Your Team Policy

Most life insurance companies provide a number of options to clients. The most common terms are 5, 10, 15, 20, 25 and 30 years. Which one is right for you? Here are some questions to ask to determine this.

  • What is the current length of your mortgage? Many times, consumers choose these policies to cover specific debts, like the mortgage. Choose a term reflective of that length of time.
  • What is your current age? Some people select term life insurance policies based on age. If you plan to work for the next 25 years, that may be the right amount of coverage to select.
  • What are the ages of your dependents? You can keep this type of insurance in place long enough to cover your dependents, such as your children, and their financial needs while they live in your home.

Your reason for selecting life insurance should play a role in the length of the term you select. Not all policies remain effective for all needs. It may be more expensive, for example, to renew a 5-year term policy than to select a 30-year policy when you are younger. Your life insurance agent can help you to make the best decisions for your unique needs and for the risks you have. Customizing your plan is always a good idea.

Salzberg Insurance Agency is here to get you the life insurance you need. Get a fast, free quote right now, or call us at (877) 757-6081 for more information.
Posted 8:07 PM

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