4 Signs You Need Term Life Insurance

Life insurance offers your loved one A financial safety net. If you die unexpectedly, this will pay them a lump sum that they can use to cover expenses, pay off debt or continue your income.

But what kind of life insurance Right for your family? A popular option Term life insurancewhich covers your loved one for a specified period of time — usually between 10 and 30 years.

A term life insurance policy can be a smart investment for many people, but there are some reliable signs to know if it is 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 Life Insurance

Do you think taking a term life insurance policy would benefit you? Then see if any of these symptoms sound familiar.

You’re on a tight budget

If you want to shorten your Monthly premium, then a term life insurance policy is your best bet. Since these policies only last for a short period of time, they are much more affordable Whole life insuranceThat covers you for the rest of your life (for some people, it could be decades).

Average term life insurance costs for a 10-year, $250,000 policy range from just $12 to $74 per month, depending on age and gender. Progressive and Faithful Life Association information. Male and older policyholders usually have Maximum premium. Remember, though: these are just averages. Your exact premium will depend on your age, health, and the length of term life insurance you choose, among other factors.

Start by getting a free estimate so you know how much it will cost

You only need it for a short time

Term life insurance policies are designed to last only for a short period of time. For example, if you want to make sure your family has the funds to pay off your mortgage if you pass, you can get a policy equal to the remaining years on your loan. Many people also get enough Term life insurance coverage Lasts until their children turn 18 (and no longer in the home) or finish college.

You do not need an investment or savings component

There are some types of life insurance A cash value Attached to them, which 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 that grow your long-term wealth.

Term life insurance offers none of these benefits (another reason it tends to be cheaper than other policies), so if you don’t need investment or savings help, it may be a good option to explore.

You are the primary breadwinner for your family

If you have dependents who depend on your income, life insurance is a must. A term life policy can ensure that your loved ones have coverage for the rest of your working years – or at least until you plan to retire.

Not sure how much term life insurance you need? Get started by getting a free price quote to see what you qualify for.

Choose from many options

Term life insurance is one of the many life insurance policies you can choose from, but remember: its coverage is limited. If you want lifetime protection, a whole life insurance policy is probably best. And if using your policy as an investment vehicle is something you want, a Variable life insurance Policy may be a good fit.

If you are still not sure which Type of policy Should you spend your hard-earned dollars, talk to an independent insurance agent. They can walk you through the pros and cons of each type and help you shop for the right term life insurance company. You can use the table below to start comparing providers and policies.