How do you know if term life insurance is something you really need? It’s not like filling up on gas each week. Knowing you’ll be able to get to and from work means money well spent. With life insurance, it’s not as easy to see or feel the benefits, but it could be just as important for your family.
To help you determine if purchasing a term life insurance policy is the right decision for you, we’ve tackled the three biggest questions on the subject: What Is It? What’s The Point? Can I Afford It?
What Is It?
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:
What’s The Point?
Term life insurance means different things to different people. How it’s used is unique to each beneficiary. Here are a few examples of common scenarios:
- Replace Income
If your loved one passed away and your family relied in whole or in part on your loved one’s income, a term life insurance policy could help replace that lost income and help your family maintain its standard of living.
- Help Repay Debts
The unexpected loss of an income can make paying off debts or settling taxes difficult. You could use a term life insurance policy 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.
Can I Afford It?
In short: yes. For example, a term life insurance policy from Direct Auto Insurance could cost as little as about 45 cents a day. That’s less than a can of soda! Use our Life Coach to get a customized quote.
And there you have it, the skinny on term life insurance. Now that you know the what, why, and cost, think about how it could apply to your life and family. If you’d like to talk with someone one-on-one about purchasing a term life insurance policy, reach out to your local Direct agent or call 1-877-463-4732.
*Material in these articles is for general information or entertainment purposes only. Direct General does not endorse and is not affiliated with any of the companies or apps listed in this article. Direct General is not responsible or liable for the availability of links to websites or resources, or for any content, advertising, products, services or other materials on or available through these websites or resources. Any references to third party rates or products are subject to change without notice. Trademarks are property of their respective owners.
*Individual term life insurance by Direct General Life Insurance Company, Policy: 58TL02010713. Direct General Group, Nashville, TN. Per day amount based on annual premium for insured 18-50 years old with a $15,000 policy. Policy terms and conditions apply. Premium and other terms will vary by state, the insured’s age, and the selected coverage.