What is life insurance and how can it help you?
Should you happen to live forever, you will never need life insurance but since advancements in medicine and technology haven't figured out how to make us live forever we are all going to pass on to our next life at some point and life insurance will make sure your loved ones are provided for. It can also have benefits for YOU before you die!! Yes You, in the form of living benefits such as cash value accumulation, terminal, critical, and chronic conditions during your lifetime.
Term Life Insurance
Term Life Insurance is the simplest form of life insurance. It provides affordable protection for a specific period of time at a scheduled premium level. Premiums may increase at the end of the term.
You choose a coverage level, a term (usually 10, 15, or 20 years) and name a beneficiary, that is, the person you want to receive the benefit if you die. If you die while your term life insurance policy is in force, the death benefit is paid to the beneficiary you chose.
At the end of the term, you can renew your coverage often at a higher premium, without having to provide evidence of good health. You can also convert it to a permanent life insurance policy which builds cash value and may earn dividends.
Term insurance can help you meet a number of personal and business needs and is often a good choice:
when life insurance is essential but dollars are scarce
for a well-defined period of time
to protect your family (insurance benefits can help pay a mortgage or fund a child’s education)
to protect your business (benefits can ensure business continuation by helping to cover business expenses)