Thinking beyond today and into the future, we can all expect things to change—even life itself. Though most people prefer to live comfortably in the now, as one of many quotes goes, “Everything changes.” It’s how we prepare for those changes, and deal with them as they occur, that determines future viability.
When others depend on us for love and support, preparation is even more important. When we’re no longer around to protect loved ones and help smooth life’s transitions, equipping them with insurance quotes and a protective insurance policy provides a wonderful way to say, “I love you”—so they’ll enjoy future happiness and success.
Why Buy It?
In today’s economy, most gainfully employed people who pay their bills and put food on the table term themselves successful. But life is precarious and, with one quick decision or action, anyone can end up alone, struggling to survive.
Though never easy, the emotional turmoil of losing a loved one gets better over time. But when lifestyles get interrupted and finances become a matter of concern, the right insurance policy can be a godsend for those left behind.
For those who’ve never made a purchase like this, it’s the most basic and least expensive form of insurance protection. Written to cover a person for a specific period of time, usually one to 10 years, the policy pays out if and when the person quoted and insured dies during that term.
Premiums are set when you apply for coverage and increase at the end of each term—if and when they’re renewed. They may also be converted into a long-lasting, more permanent plan if and when appropriate.
The original form of life insurance, term insurance is often the least expensive way to purchase substantial death benefit on behalf of loved ones. By replacing income as a result of life lost, tit helps families get insured, guaranteeing future funds that help pay off mortgages, send kids to college and support spouses left alone during retirement.
Understanding Your Options
Because the risk of dying during any particular period is relatively low, the chance the insurer will need to pay on the claim is much less than with a longer-term policy—which means lower quotes.
Most term life policies particularly benefit young people in good health who cannot afford high premiums. But plans like these can benefit anyone willing to do some research, compare offerings and make sure they understand the details they receive from insurers.
To choose the type of quotes that best fit a particular situation, consider these options and discuss each one with a licensed insurance agent.
- Renewable—renews automatically each year without requiring a physical for accurate quotes. Premiums go up as age increases.
- Re-entry—requires a physical exam after a certain uninsured period to avoid paying an extra premium.
- Level—locks in rates over a certain, predetermined period.
- Decreasing—premiums remain the same but policy value decreases over time.
The right type of policy varies from family to family and individual to individual. So get more details from the insurance company before purchasing a particular type of plan. It’s the best way to preserve and protect those you love.