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Simply Stated: The Benefits of Term Life Insurance

Young family of four in a park

Term life insurance is one of the most popular types of life insurance, thanks to its affordable price, flexible coverage periods (or “terms”) and simple application process.

To decide if this policy makes sense for you, let’s take a look at three of the benefits of term life insurance.

Peace of Mind at an Affordable Price

People considering life insurance often compare term life and whole life. For many people, the cost of a term life policy may be less than for a whole life policy. Why?

With term life insurance, which is for a pre-selected period of time, you generally pay only for the benefit amount, which is the lump-sum payment that your loved ones would receive in the event of your passing. Whole life insurance has the added benefit of accumulating cash value that grows over time, so the premium rate is often higher as a result.

Your premium rate for term life insurance is based upon your particular circumstances. To give you a general idea: A $25,000, 20-year Gerber Life Term Life Plan can cost $9.60 a month for a healthy female aged 18 to 32.

Choose the Years When You Need It Most

Term life insurance policies allow you to choose your coverage period (known as a “term”), such as 10 or 20 years. If you have a young family, for example, you may have greater need for coverage now, which may last until your children reach adulthood. Or, you may need a policy with a premium rate that costs less for a while, until your financial situation permits you to switch to whole-life coverage.

The flexibility to choose your term can be a cost-saver in other ways, too. Let’s say that you need $100,000 in term-life coverage. Choosing a 10-year term might cost less than the same amount of coverage for 20 years. It’s a great option for someone who has coverage needs now, but whose needs may diminish over time.

Quick and Simple Application Process

Applying for term life insurance is easy. In most cases, you won’t need to have a medical exam and will only need to answer a few health questions. Simply start by requesting a quick online quote for term life insurance from Gerber Life. You’ll also be able to complete an application online, within minutes.

The goal of Gerber Life Insurance is as simple as our application process: Providing quality, affordable, and secure financial protection, without the hassle.

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