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Term Insurance

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Protect Your Family Without Crunching the Budget

Term life is the most common and basic type of life insurance. Most term policies offer a level premium and guaranteed coverage for the given policy term. For example, most coverage periods are 10, 15, 20, and 30 years. Some life insurance companies offer coverage periods of up to 40+ years. You pick the length of the term.

The Insurance Don answers common questions about term life insurance, so you can decide if this policy is right for you.

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What’s the Purpose of Term Life Insurance?

Term life guarantees financial protection for your loved ones for a certain time, called the term before it expires. It’s intended to be an income replacement if you pass away during your working years. Your policy can help your family pay substantial bills, grocery and childcare costs, housing, or tuition if you’re not there to provide.

How Does it Work?

You pay a monthly or annual premium to the insurance carrier — based on your age, health, and the coverage amount you want — to keep the policy effective and ensure the death benefit.

It’s generally a good idea to do the following:

  • Get coverage equal to 10 times your annual income 
  • Make the policy last for 15-20 years

If you pass away during the term, your beneficiary is paid cash that they can use for anything.

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Pros of Term Life Insurance

A term life policy is cheap. It provides coverage for a family who needs it without draining the budget.

Did you know? Term life can also provide living benefits and the potential to convert the policy into a product that’s guaranteed for life — with no medical exam.

Some term policies offer a Return Of Premium feature, allowing you to get some (or all) of your premiums back that you’d paid into the policy.

Cons of Term Life Insurance

Not everyone is eligible for term life insurance — you must meet the health requirements.

Term life also has an end. And most of the time, the insurance carrier keeps all the money. Let’s say you purchase a 30-year term at 45 years old and pass away a day after the policy ends at age 75. In that case, your family gets nothing.

Even if you were alive at 75 and wanted to buy more term life insurance, would you be eligible? If you qualify, it would cost a lot.

What Else You Should Know

Unlike other types of life insurance, the death benefit for term life is offered with no savings or investment feature. But don’t let this keep you from getting the coverage you need. Term life insurance is the best option for most people!

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When Should You Buy Term Life Insurance?

If your loved ones rely on you financially or would take on your debts when you pass, you should get life insurance.

Typically, people buy term life if a significant event happens soon, such as getting pregnant, getting married, or purchasing a home (taking up a mortgage). As people age, they often have fewer debts and fewer people depending on them, so they likely won’t need as much coverage.

Get Quality, Affordable Coverage in California

The Insurance Don can help you get the best term coverage at the best price. If you live in the southern California area, reach out to us today. We have access to the top-rated life insurance companies and can provide you with multiple quotes at once — call 888-777-2214 to get started!

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