5 Advantages of Comparing Term Life Insurance Quotes!

Comparing term life insurance quotes is an affordable alternative to costly permanent life insurance. But affordability is o’t the only advantage. Term life insurance policies are also flexible, easy to understand, and easy to buy.  Here are 5 noteworthy advantages for term life insurance:

life insurance with broker1. It is easy to understand. You pay a low, fixed monthly premium based on the term life insurance policy term length and amount of coverage you choose. You can choose term lengths such as 10, 20 or 30 years, and life insurance coverage amounts anywhere from $100,000 to several million dollars.

2. It is affordable. Whole life insurance is often expensive, due mainly to its investment aspect, while a term life insurance policy is usually very affordable. Whole life insurance policies often cost thousands of dollars a year, as opposed to the mere hundreds of dollars a year that the majority of term life insurance policies run.

3. You invest your money how you want. With a term life insurance policy, you can invest your hard-earned money yourself, rather than having an insurance company do it for you. Life insurance companies are often very conservative with how they invest your money. If you are at all good in investing, or good at saving, the extra money a whole life insurance policy costs may not be worth it. Instead, buy a more affordable term life insurance policy and invest the money you saved yourself.

4. It covers your short term needs. A term life insurance policy is great for covering your short-term financial needs in case of your passing. Two good examples of these needs are your children’s college education and your mortgage. Parents can buy a term life insurance policy that expires after their children graduate from college to ensure that the full education is paid for.

5. You can buy enough term life insurance to meet these needs. Also, match the term length to your personal situation – 30 years to cover the life of the mortgage, for instance. Make sure your dependents are covered until they can provide for themselves, or that your spouse is covered until retirement income becomes available. Buy when you are healthy, and try to match your terms to when you will still be healthy. When you get into your 50s and 60s, it may be harder to find affordable term life insurance.

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