Term Life Insurance is easy for consumers to understand with lower monthly premiums based on the choice of term length and life insurance coverage. The policy provides risk protection for the beneficiary upon the passing of the insured, but how do you choose the right amount of Death Benefits?
To make sure the appropriate policy is purchased, discuss the needs of the insured to discover how the beneficiary will utilize the Term Life Insurance Death Benefit. Once the term policy is issued, the length and value of death benefit cannot be changed, so it is important to try to get it right the first time.
The Term Life Insurance can be purchased to cover short-term financial needs or long-term risk protection. Is the potential insured the main provider in the family? The Term Life Insurance coverage can be purchased for the duration of the length of the home loan to protect the mortgage. Are there small children in the home? Death Benefit can be utilized to cover the costs of child care, or later, for college costs. [Read more…]