If your monthly income is the only source of income for you and your family, you need to purchase a Term Life Insurance Policy. Getting a Term Life Insurance Policy ensures that your loved ones’ standard of living is guaranteed for the rest of their lives. However, their future standard of living will be maintained for just a small amount per day if any unforeseen circumstances happen to you.  

Term Life Insurance Policy Purpose

Term Life Insurance is simple insurance, where an insurance company pays your entire policy proceeds to your designated beneficiaries. However, you must pay the company a defined premium before your beneficiaries can enjoy this benefit.

Term Life Insurance doesn’t generate cash value. You can decide the premium duration and pay the defined premium to the company. You will pay a higher premium when your insurance policy lasts for an extended period. 

If you want your $100,000 policy to last for a decade and you are a 35 years old non-smoker, you will pay a premium fee of $7 every month, and these monthly payments increase by $4 for every additional ten years. 

Suppose you are a 50 years old male, who doesn’t smoke, and you want a $100,000 insurance policy. In that case, you will pay $14 monthly for a ten-year term insurance policy, $21 per month for a twenty-year term insurance policy, and $36 monthly for a thirty-year term insurance policy.

Determine your preferred Term Life Insurance Policy Duration 

Most people need more Term Life Insurance coverage than they eventually buy. It would help if you consider these reasons before you purchase life insurance:

• If you have young kids and want to secure a guaranteed financial and educational future for them if you die prematurely, purchasing a twenty-five or thirty-year term insurance policy would be the best option. 

• If you have a thirty-year mortgage and can only satisfy your financial need by combining your income with your spouse, it’s better to buy a thirty-year term insurance policy.

• If you and your spouse don’t have any retirement savings and are 50 years old, purchasing a twenty or thirty-year term insurance policy is the best option. People in this category usually depend on each spouse’s salary to make ends meet.

Purchase the most affordable policy you can buy

If you buy a $100,000 insurance policy that will last for ten years, the insurance company will pay this same amount of insurance to your designated beneficiary in case you die. Your beneficiaries will receive the same insurance value you purchase because the insurance has no cash value. This rule applies to all insurance companies and doesn’t matter where you got your insurance.

Most people will buy their insurance from companies with a reputable financial reputation, which makes shopping essential. While shopping, you will see companies offering various monthly payment rates, and all these companies will give an identical death benefit to your beneficiaries. Make sure you buy the most affordable and less expensive insurance policy plan.

Change your plan and save more money if you are healthy.

Term Life Insurance Policy rates have been reducing over the last three decades. Regardless of the worth of your current insurance policy, you can extend your insurance coverage for a similar premium and save more money when you switch insurance companies. You may lose more money in the long run if you don’t change companies. Make your money work for you by saving more money from your life insurance policy.

More than 40% of dead Americans don’t have life insurance benefits. 

You will wonder why a parent or spouse earning monthly income won’t purchase life insurance for their dependents. Don’t they want to protect their beneficiaries if they die?

A study shows that the confusing nature of term life insurance policy is why people don’t buy the insurance. If you think life insurance is confusing, you don’t need to stress yourself; it’s simple. You need to select the coverage and the year you want it to last, get the best premium rates, and choose the most affordable policy.

In addition, Most people don’t buy term life insurance because they are wary of insurance agents. They see these agents as salespeople. Due to the recent technological advancements, you can easily get quotes and enroll in an insurance policy via websites without involving an insurance agent.

It would be best if you did not neglect your relative’s future financial security, and the best way to secure them is to buy a cheaper Term Life Insurance Policy.

Contact Information:
Email: [email protected]
Phone: 9568933225

Rick Viader is a Federal Retirement Consultant that uses proven strategies to help federal employees achieve their financial goals and make sure they receive all the benefits they worked so hard to achieve.

In helping federal employees, Rick has seen the need to offer retirement plan coaching where Human Resources departments either could not or were not able to assist. For almost 14 years, Rick has specialized in using federal government benefits and retirement systems to maximize retirement incomes.

His goals are to guide federal employees to achieve their financial goals while maximizing their retirement incomes.

Search The Best-Rated IUL Experts. Seek Out The Best Advice.
IUL is a Great Potential Solution - The Best Results Require
The Best Advice.
About Rick
Rick Viader
Retirement Specialist Andrik Financial