Best Quick Quote Term Life Insurance California Florida
If you need life insurance, but can’t afford huge premiums, your best bet is term insurance.
As the name implies, term insurance offers coverage for a specific period of time.
It works like this: You fill out a detailed application for the policy and undergo a medical.
If your application is accepted, you promise to pay premiums, usually by month or year. In return, if you die within the specified period, the policy will pay out the decided amount to your beneficiary.
Term Insurance Period of Time
Term insurance provides protection for a predetermined period of time (perhaps 5, 10, or 20 years) or until a certain age.
However, many term insurance plans end at a specific age, such as 65, 70 or 75 with men and women living considerably past that age, if you’re looking for longer-term protection, term insurance won’t cut it.
With term insurance, when the term of the contract expires your coverage ends unless you renew the term.
Each time the term is renewed, the premium is adjusted upwards.
Think of term insurance as an expense, like rent.
While it will give you comfort and peace of mind, it accumulates no residual value.
If you want coverage to last your lifetime or want to use insurance to build assets, term insurance isn’t the right choice.
Term insurance is cheaper than permanent insurance, but that’s because the statistics are in favor of the insurance company with term insurance.
With permanent insurance the company is going to have to pay out, it’s only a matter of when.
With some policies, you can buy the right to convert your term policy to a whole life policy at a later date.
So if you decide to start off with term insurance to protect your young family, and then decide to convert to a whole life policy when your needs change and you have more money, your health won’t be a factor in setting the premiums.
However, your age will be and the older you are the more your insurance will cost.
Get a Free Best Quick Quote Term Life Insurance California Florida
Shop around when looking for life insurance.
Get several quotes, make sure you’re comparing apples with apples, and buy the policy that best meets your needs.
Resist the urge to over-buy, but don’t sell yourself, and your family, short either.
Evaluate your future earning potential and your family’s ongoing needs realistically, take inflation into account, and then buy enough insurance to meet your needs.
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