Advantages of Term Life Insurance
What are the Advantages of Term Life Insurance?
It’s important to consider term life insurance advantages and disadvantages before purchasing your term life insurance policy.
Make sure you understand your reasons for buying your term life coverage and how long you will need protection for you and your family.
Term life insurance provides life insurance protection for up to 30 years. Many term life plans provide coverage for 10, 15, 20 or 30 years.
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Advantages of Term Life Insurance
- Premiums are usually much lower for Term life insurance compared to Whole life insurance.
- Term life provides funds for people who depend on you for financial support.
- Creates an estate to leave to your heirs, if you haven’t had a chance to build much wealth.
- Level term life insurance premiums remain the same for the term of the policy. So, 20 year level term means your premiums stay the same for 20 years.
- Provides the maximum life insurance protection for your dependents at the lowest cost.
- Provides affordable life insurance protection to fit almost any budget.
- Many term life policies offer you the option to convert your coverage to whole life insurance by some future date, (without having to prove insurability – taking a medical exam).
Disadvantages of Term Life Insurance
- If you outlive your term insurance policy, your premiums to buy a new policy will be much more expensive.
- If you do convert your term insurance to whole life – your premiums will be much higher for the same amount of coverage.
- Premiums usually increase with age, unless you buy level term life insurance.
- When your policy expires, you may not be in good health, and unable to qualify for another life insurance policy at that time.
Term Life Insurance Quotes
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Additional Resources for Term Life Insurance:
The Pros and Cons of Term Life Insurance vs. Whole Life Insurance
Does Life Insurance Cover Mortgage Protection?
Term Life Insurance without a Health Exam
Advantages of Term Life Insurance
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