Here are just some of the reasons people choose term:
✔️ Mike wants to ensure that his mortgage is paid so his family can stay in their home.
✔️ Dave and Tracy want to leave an education fund for their children.
✔️ Kathy wants to replace her income so her family can continue to cover day-to-day expenses.
✔️ Ram and Hanna want to ensure that funds are available for their final expenses.
✔️ Peter and John each want to protect their business interests by funding their buy sell agreement.
Term insurance can often be the best choice of life insurance protection since it can meet your needs now and fit comfortably within your budget. Term insurance can be used to pay off your mortgage or debts and provide money for your children’s education.
Purchasing life insurance could be the most important step you take to protect your family’s future. When you die, having the right amount of life insurance protection will provide your family with a future that is financially secure.
Term life insurance typically provides coverage which expires at a specific age or year. Premiums are guaranteed for a given period of time, usually 10, 20 or 30 years, depending on the plan selected. At the end of that period, the policy either renews at a higher premium for the next payment period of it terminates. Most term plans can be switched to permanent protection to cover your long term needs.