If you’ve been looking into purchasing a life insurance policy, you may have seen that there are several different types of insurance out there. One of these types is term life insurance, which, like other life insurance options, comes with its own specifications and benefits.
Term life insurance will cover you and your loved ones for a specified term, which typically ranges from 10 years to 30 years. During this time, you’d make a monthly premium payment. If you pass away during this time, your life insurance company will pay a tax-free death benefit to your beneficiaries. However, once the term ends, your life insurance protection will also end.
This type of life insurance is popular with adult couples who are raising their families. Do you want to set up a policy that will help your child pay for college in the event that you pass away? Are there other expenses that you want to make sure your young adult children don’t have to worry about after you’re gone? If so, a term life insurance policy may be your best option.
Term life insurance policies are customizable to your needs. You can pick the length of the term as well as the coverage amount. Every family is different, so the amount of coverage necessary for a couple with one child would most likely be different than the amount of coverage needed for a couple with five children. Whatever your situation and life insurance needs are, you can count on our team at The Catawba River Insurance Group to help you find the best term life insurance policy for you, so call us for your life insurance needs.