This is the most affordable type of life insurance coverage. It is the simplest way to ensure that your family is protected financially in case of your death.
Term insurance is a level term life insurance product that pays out a lump sum to the beneficiary. These policies can usually be contracted 10-year, 15-year, 20-year and 30-year. The premium payments for these policies remain the same for the years contracted.
Upon issuance, these funds can be used to pay off credit card debt, loans, including mortgages, and provide continued support for your spouse and children. It can even pay for your child’s college education. No one wants their family struggling to pay their funeral expenses in a time of bereavement.
The good news is that you can acquire additional protection with your Term Insurance policy by adding an Accelerated Benefits Riders* to your policy.
That means that you will not only have a death benefit in place for your family’s protection but that you will have a living benefit for your own protection in case of covered illness or injury.
Accelerated Benefits Riders* are optional, no additional cost riders that can allow you to access all or part of the death benefit while you are living if you experience a qualifying terminal, chronic, or critical illness or critical injury.
That is protection that you can use right now. A regular term policy without this rider will not be able to provide you with the same protection.
Life insurance can give you peace of mind. Life insurance with living benefits can help you when you need it the most.
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*Terms and conditions apply.
*Consult with a professional tax and/or legal advisor before taking any action that may have tax or legal consequences.
*This information is provided for informational purposes only. This article is not intended to provide tax, legal or financial advice. Please consult your own professional for advice specific to your circumstances.