If you’ve been researching financial protection for your family, you’re probably wondering what term life insurance is all about. A term policy covers you for a specific amount of time, anywhere from 10 to 30 years. Term differs from a whole life insurance policy as it does not last for your “whole” life nor does it build cash value. However term premium rates are more affordable as a result.
So how does term life insurance work and when is it the best solution for you?
The great thing about this type of policy is that you get the flexibility to choose how long you’ll need coverage.
If you have dependents, you’ll want to select a term length that ensures they’re taken care of, even if you’re not around. Young family? A 15- or 20-year policy will cover the kids until they reach adulthood. Do you care for your aging parents? A shorter-term policy, such as 10 years, may be a better fit. Whatever your situation, Gerber Life is here to work with you and customize the right plan.
The amount of coverage you select is the amount of payout your beneficiary will receive in the event of your passing. Not sure how to determine that figure?
To get a ballpark figure calculate the amount of money your dependents would need to be financially secure without you (include coverage for any debts you have like mortgages, loans and other bills). Then subtract what can be covered by their income. The difference between the expenses that need to be paid and the income they would have coming in is a great starting point to finding a policy that aligns with your family’s needs.
Your fixed monthly payment is determined by factors that include your age, gender, health and where you live, among other things. The length of your term life policy will also impact your premium. For the same coverage, a 10-year policy will cost less than a 30-year policy.
Remember, that premiums are often the lowest when you’re young and healthy. Apply now and you could save more money over the length of your policy.
If term life insurance sounds like a smart fit for your family and their future, we can customize a quote for you. Questions? We’re here to answer them, just give us a call at 1-866-503-4480. Apply online today, secure a custom term life policy, and get back to enjoying life with your loved ones.