4 Signs You Need Term Insurance

life insurance offers your loved one financial safety net. If you die unexpectedly, a lump sum is provided that can be used to cover expenses, pay off debts, or replace future income.

But what type of Life insurance is suitable for your home? One popular option is term insurancewhich covers your loved one for a period of time – usually between 10 and 30 years.

Term life insurance can be a smart investment for many, but there are some reliable signs that can tell you if it’s right for you.

If you’re in the market for term life insurance, start by getting a free price quote so you know exactly what to expect.

4 Signs You Need Term Insurance

Do you think you will benefit from having term life insurance? Then see if any of these signs sound familiar.

have a limited budget

If you want to minimize monthly premium, term life insurance is your best bet. These policies tend to be more affordable as they only last for a short period of time. whole life insurancewhich covers the rest of your life (for some, it can span decades).

Data from the Progressive and Fidelity Life Association shows that the average cost of a 10-year, $250,000 term policy ranges from just $12 to $74 a month, depending on age and gender. Male and older policyholders typically best premiumBut remember: these are just averages. Your exact premium will depend on factors such as your age, health, and the length of term life insurance you choose.

Get started with a free quote to get an accurate idea of ​​how much it will actually cost.

only needed for a short time

Term insurance is designed to last only a short period of time. For example, if you want to make sure your family has the funds to pay off their mortgage, you can receive an insurance benefit equal to the number of years remaining on the loan.many people get enough Coverage of term insurance Until the kids turn 18 (and leave the house) or they graduate from college.

No investment or savings factor required

Depending on the type of life insurance, cash value It grows over time — like a savings account. Other types allow you to invest the cash value of your policy in index funds and other assets to grow your long-term wealth.

Term life insurance doesn’t offer these benefits (another reason why it tends to be cheaper than other policies), so if you don’t want help investing or saving, it might be a good option to explore. Hmm.

you are the main breadwinner in your household

Life insurance is a must if you have dependents who depend on your income. Term insurance provides coverage for your loved one’s remaining years of service, or at least until retirement.

Not sure how much term insurance you need? First, get a free quote to see what you’re eligible for.

many options to choose from

Term life insurance is just one of many life insurance options that you can choose from, but remember that coverage is limited. Whole life insurance is best if you want lifetime coverage. Also, if you want to use the insurance policy as an investment vehicle, variable insurance A policy might be better.

Still not sure which Policy type Spend your hard-earned money and consult an independent insurance agent. They walk you through the pros and cons of each type and help you shop around for the right term life insurance company to buy. Use the table below to get started comparing providers and policies. .