Have you ever wondered if term life insurance is something you really need? It’s not like filling up on gas each week and knowing that the money you spent will get you to and from work for the following week. Life insurance isn’t a tangible purchase like that, and it isn’t as easy to see or feel the benefits in the moment. But it could be one of the most important purchases your family ever makes. To help you determine if term life insurance is worth it for you, we’ve tackled the three biggest questions on the subject: What is it? How can it help my loved ones? Is it affordable?
What Is Term Life Insurance?
Quite simply, term life insurance is a way to provide financial protection for your loved ones after you die. Let Joe and his family illustrate:
How Can Term Life Insurance Help Me?
Term life insurance means different things to different people. How it’s used is unique to each beneficiary. Here are a few ways people count on term life insurance to help them when times get tough:
- Income Replacement: If your loved one passed away and your family relied in whole or in part on their income, a term life insurance policy could help replace those lost wages and help your family maintain its standard of living for a period of time.
- Help Paying Debts: An unexpected loss of income can make paying off debts or settling taxes difficult. You could use a term life insurance payout to help pay your mortgage, school loans, or credit card debt.
- College Fund: It’s expensive to send a kid to college. If something were to happen to you or your loved one, a term life insurance policy could help fund your child’s education.
- Final Expenses: No one wants to plan for the worst, but funeral expenses and burial costs can add up quickly, creating a heavy financial burden for survivors. A term life insurance policy could help alleviate these costs for your loved ones.
Is Term Life Insurance Affordable?
That’s the lowdown on term life insurance! Now that you know the what, why, and cost, it’s time to decide what’s right for you and your loved ones. If you’d like to get a life insurance quote or ask a knowledgeable agent a few more questions, give us a call or come see us at a nearby location.