Term Life Insurance

Life insurance can help ensure the monetary needs of your loved ones are protected after you die. The type of life insurance and how much you choose is personal; however, term life may be coverage worth considering. Work with an agent today to learn more about term life insurance and determine whether it’s right for you.

What Is Term Life Insurance?

Term life insurance is coverage you choose for a set number of years, such as 10, 20 or 30, which is referred to as the policy’s term. Term life insurance is sometimes called pure life insurance, as it only provides the guaranteed death benefit and does not feature a savings component.

Your term life policy can provide a death benefit to your named beneficiaries if you die during the policy’s term. If you do not die during this time, the policy doesn’t pay out and expires when the term ends. At the end of the term, you can choose to renew or reapply for a policy, allow the policy to terminate, or inquire about your options for converting the policy into a whole life policy.

How Much Life Insurance Coverage Do I Need?

Determining how much life insurance coverage you should purchase is entirely up to you, and can be complex. Some people choose to buy enough life insurance to cover the costs of their debts, such as mortgages or car payments. If you die while these debts are still outstanding, your beneficiary may use the money to settle these expenses. Other people purchase enough coverage to cover a certain number of years’ worth of their income to their beneficiaries.

If you purchase a term policy to protect your family, you must understand if your family’s life insurance needs may change before the term expires. For many people, this can mean the kids will be grown and on their own, the house will be paid off, and you may want to leave some money as a safety net for your surviving spouse. Work with an agent to determine what amount of coverage is right for you.

How to Get Life Insurance

Your decision to buy a term policy should be guided by your specific situation and what matters to you.

If you need term life insurance, we’re here to help. Give Kozlowski Insurance & Financial Services a call to get started.