What is term life insurance?
Term Life gives you the most coverage while spending the least. “Term” means that you lock your insurance rates for a specific number of years. Your rate will remain the same for those years. Coverage periods typically range from 10 years to 40 years, with 20 years being the most common.
How Does term life insurance work?
When the term ends, your premium payments end, and so does your coverage. In order for your loved ones (beneficiaries) to receive the benefit of a term policy, you must die within the contract term.
Why buy term life insurance?
Because your insurance carrier can limit their risk, they can provide more coverage for less price. This allows you to cover your loved ones with life insurance while staying inside of your budget. We recommend buying term life insurance for young couples and new parents, at the time of a new home purchase, after a promotion or job change, and to prepare for retirement.
Do I need A Trust?
You can make the trust your beneficiary. A trust is a great way to take care of your children and family. A trust allows you to control everything from how the money from the death benefit is discubursed, when it is disbursed, and what it can be used on. Trusts are great for single-moms who may not have a trustworthy individual who will manage the money for their children. If you’d like a referral to a local trust attorney, please ask one of our licensed agents.