Term Life Insurance is one of the most basic types of Life Insurance. As its name indicates, this policy covers only a specific length of time that may be 5, 10 or 20 years depending on the carrier. This type of policy is the right alternative for most people. However, it may be particularly attractive for those looking for flexibility in their insurance.
If you pay your premiums on time your carrier cannot cancel your Term Life Insurance policy. Once your policy expires, your premiums may go up because you will be older. The good news is that, as we’ll see, some policies are convertible.
Why Choose Term Life Insurance
Term Life Insurance offers an interesting array of benefits. Above all, these policies are affordable and flexible:
- Convenient: This is usually the most affordable, no-frills Life Insurance option.
- Convertible: Some of these policies can be converted to Permanent Life Policies, although this may vary depending on the carrier.
- Adaptable: You can match this type of life insurance to a period of your life of specific concern. For example, you may decide to be covered while you pay off your mortgage.
The Types of Term Life Insurance
Term Life Insurance can be divided into two basic categories depending on how the benefits are set up.
- Level term: The death benefit stays the same throughout the duration of the policy. This is the option most people choose.
- Decreasing term: The death benefit drops (usually in one-year increments) throughout the duration of the policy.
Now you know the fundamental information about this important type of insurance. However, it’s important to contact an expert to help you go beyond the basic pros and cons so you can customize your policy to your specific needs.
Learn More About Insurance
After learning about Term Life Insurance, you can continue exploring the world of insurance with these posts we have previously published on our blog:
- Use these four tips to save on Car Insurance
- Avoid these common Boat Insurance myths.
- An essential collision insurance glossary.
- 10 Essential Home Insurance terms
Contact the Insurance Experts at Delgado’s Insurance
If you are looking for Term Life Insurance in Riverside, at Delgado’s Insurance we are committed to helping you find a policy customized to your individual unique needs.
We have locations in Riverside, California, and Bloomington, California. Contact us today by telephone (951-361-0084, 909-421-9003), email or through our social media accounts to get a free quote and learn more about our Life Insurance options.
