Do I Need a Term Life Insurance Policy?
Do I need a term life insurance policy? Purchasing a term life insurance policy is a relatively inexpensive way to protect the people you care about the most. It provides a death benefit for a set amount of time. Common term lengths are 10 year, 20 year, and 30 year terms. Below are some questions to ask yourself to determine if a term life insurance policy is right for you.
1. Are you married?
With a term life insurance policy you can leave money to your spouse in the event of your death. A term life insurance policy is especially good for newlyweds that do not have considerable savings yet. This is because term insurance is relatively cheap.
2. Do you have a mortgage?
Term insurance is great to insure mortgages because a mortgage is a payment that only lasts for a set period of time. Getting a term policy that lasts for the duration of the mortgage will give you peace of mind. If you were to die unexpectedly, your spouse would be able to keep the house using the proceeds from the policy.
3. Do you have kids?
If you have kids you should definitely have a term policy! Your children depend on your income for survival. A good idea is to get a 20 year term policy when your child is born. This way you will be insured up until the point that your child reaches adulthood. If you die within the 20 year period, your child will be taken care of financially.
4. Do you have a lot of debt?
If you have a lot of debt you are going to want to have term insurance. This way your spouse and kids are not burdened with your debt in the event of your death.
5. Are you the main breadwinner?
If you are the main breadwinner in your family, it is important to protect the income that you would be lost in the event of your death.
6. Do you want to cover your final expenses?
Having a funeral and burial is expensive. Furthermore, there might be outstanding medical bills. A term insurance policy will help cover these final expenses so that your family is not overwhelmed financially.
7. Do you want to leave money to your heirs?
With a term life insurance policy, you can leave money to your children, spouse, or anyone that you care for. You can also change the beneficiary at any time or name multiple beneficiaries.
8. How old are you?
Keep in mind that the older you get the more expensive a policy will be. If you need term life insurance it is best to act sooner than later.
9. How is your health?
If you feel that you are in excellent health, you may not need to take a physical exam to purchase a policy. Certain life insurance companies will waive the physical exam and simply perform a phone interview.
10. Are you a smoker?
Even if you are a smoker you may still be able to get term life insurance. Some life insurance companies have affordable rates for smokers.
11. Do you already have life insurance coverage?
It is always good to review your life insurance coverage because your needs for insurance may change. You might need an additional term life insurance policy in addition to what you already have. Purchasing a term life insurance policy is a great way to protect the people you care about. Don’t wait until it’s too late.
Get the coverage you need today. At Secure Term Insurance we offer free quotes and personalized service with step by step guidance throughout the application process, underwriting process, and any assistance you may need thereafter.