Term Life Insurance
Term Life Insurance
Term life insurance or term assurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term.
For most people, the primary reason to purchase life insurance is to help provide for dependents in the case of your death and the resulting loss of income. To determine a coverage amount, estimate what your family members would need after you’re gone to meet immediate, ongoing, and future financial obligations including funeral, rent or mortgage, other every day bills, college, and retirement.
Key Features:
- Temporary coverage
- Provides a guaranteed death benefit
- Focuses on affordability
- Features a tax-advantaged death benefit
- Offers riders to customize your policy
- Can be used for estate planning to help offset estate taxes
- Can be sheltered in an irrevocable life insurance trust
Term Life Insurance Options
Term Life insurance isn't just for those under 50. You may be surprised at the number of insurance companies offering special rates on Term Life insurance for people over 50. There is a common misconception that insurance companies do not like to insure people in their fifties and older. It's just not true. With people's lifespan increasing every year, insurance companies are more than happy to cover those men and women over 50 years of age.
Legacy Quote specializes in Term Life insurance policies for people over 50. Whether you've been denied Term Life insurance policies because of a specific health issue, or feel that you've been put into the wrong insurance classification because of a pre-existing condition, Legacy Quote can research, analyze and provide alternatives for your life insurance coverage.
Advantages to buying Term Life Insurance
- With Term Life insurance you pay a (low) monthly premium based on the term length and amount of coverage you choose. Common term lengths are 10, 20 or 30 years, and coverage amounts are usually from $100,000 to several million dollars.
- Term Life insurance allows you to invest your hard-earned money yourself, rather than having an insurance company do it for you as with Whole Life insurance. If you are a savvy investor, or good at saving, it may be a good idea to buy a lower cost Term Life policy, and invest the money you save yourself.
- Term Life insurance is good for short term needs like covering your children's college education or your mortgage in the event of an untimely death. Parents can buy a policy that expires after their children graduate from college to ensure that educational expenses are paid for in the event of a death or, they could buy a term policy that matches the length of his or her home's mortgage to cover the main breadwinner.
Four Reasons to get Term Life Insurance.
- Your policy is expiring
- You want to upgrade your policy to provide better coverage to your family
- You want or need to save money/ cut back on your expenses
- You're not sure if a term life insurance policy is still the best type of policy for your financial current plan.
Insurance Quotes for Term Life
If you want the most competitive insurance quotes on Term Life insurance policies, Legacy Quote has access to the leading and most competitive Term Life insurance policies for individuals over 50 years of age. Call us so we can prepare the most competitive quotes available.
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