If you’re considering getting a term life insurance policy, allow our experienced team to assist you.
Term life insurance is a specialized type of life insurance that provides coverage for a set amount of time, or “term”. It’s a valuable alternative to whole life insurance and can be helpful in a wide range of situations. If you live in Blowing Rock, North Carolina, and are considering adding term life insurance to your current policies, our team at The Catawba River Insurance Group can help you find the right policy and ensure you get the coverage you need for the desired amount of time.
One of the most essential factors in deciding on a term life insurance policy is figuring out how long your policy needs to be in place. Term life insurance policies typically last anywhere between 5 and 30 years, depending on the unique needs and wishes of the policyholder. For example, suppose you are the primary breadwinner of your household and want to ensure that your partner and any young dependents’ financial needs are met. In that case, you might select a term life insurance policy that lasts for 20 years. However, if you are a business owner who recently took out a five-year loan for your business, you might want to secure a term life insurance policy that also lasts five years and would cover the business loan expenses in the event of your death.
Another reason term life insurance is popular is that it’s often more affordable than whole life insurance. These plans feature fixed premiums, which makes it easier for policyholders to factor the plan into their budget. When the policy expires, you can renew it, convert it to a whole or universal life insurance policy, though those options are typically only available at a higher premium, or let it lapse if you no longer feel you need the coverage. It’s important to note that the longer your term life insurance policy is, the higher your premium will be. In some cases, it may be better to opt for whole life insurance, but our team can help assess your situation and find the right policy.
Our team is standing by to help you find the right insurance coverage for your unique needs. Contact us today to learn more or inquire about scheduling an appointment with one of our agents.
At The Catawba River Insurance Group, we offer term life insurance for customers in Hickory, Blowing Rock, and Lenoir, North Carolina.