You are a responsible adult. You get up every morning (or night) and head off to work to build your legacy or provide for your family. You invest your money wisely, and always pay bills on time. You have also tried to put money away for your children’s future education. Because after all, nothing is more important to you than your family, and it’s what makes all of the hard work you do worth it.
But what if in an instance all of your hard work was wiped away? What if your death meant the end to your family’s security, comfort, and future? Is there something you could do to safeguard their future? Would it be expensive? Is it too late? The answer to these questions are yes, no, and NO!
The solution to securing your family’s future is term life insurance. Simply put, term life insurance makes sure that your family is financially secure in the event of your untimely death. Life insurance is essential for everyone, regardless of class or status.
Think life insurance is expensive? Not the case. This is were term life insurance comes in to play. It is one of the most inexpensive forms of life insurance available, and covers a lot of situations and needs, from the dad who wants to protect his family to the single person who wants their business to remain productive even after he is gone.
So, how does term life insurance work?
Term life insurance is life insurance that provides coverage for a specified amount of time (i.e. 5, 10, 20, or 30 years.) This period of time is known as the “term”, thus giving you Term Life Insurance.
Term has also been called “pure” insurance, in that it offers no cash value, only protection. When your policy is over, the money you paid (your premiums) cannot be refunded (exception- Return of Premium Term Life Insurance, just to show the variation in term life insurance.) Your policy just expires, and you either renew it or find another policy. Generally, the death benefit does not change, and your premium stays the same throughout the policy (there are exceptions.)