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Term Life Insurance |
Term life insurance is straight forward and the most affordable form of life insurance. It is “in force” for a defined period of time, such as 10, 15, 20 or 30 years, as opposed to permanent life insurance, which will be in force for your entire lifetime. Premiums are paid either monthly or annually throughout the length of the term and if the unfortunate was to happen to you, a predetermined cash benefit is paid directly to your beneficiaries, such as your spouse/significant other, children or your favorite charity. At the end of the term period, the policy expires.
You can think of term life insurance along the lines of car insurance or renting an apartment. If you were in a car accident during the policy period, the auto insurance company would pay for damages. After the policy period, however, the auto insurance company would not pay for damages. Similarly, when you rent an apartment, you’re allowed to live there during the period of your lease, but after that you have no claim to the property. In either situation, you are not building any cash or equity in those transactions and there is no permanent nature in either; you’re making payments (premiums) for a benefit for a specified period of time. As a result, term life insurance premiums are significantly less expensive than permanent insurance, which is good for your entire life and also builds cash value – cash that can be used for any purpose at any time. Term insurance provides the most amount of coverage per dollar spent; it’s the most cost effective way of providing peace of mind.
Top Reasons for Buying Term Life Insurance
If Term Life Insurance could be an appropriate solution to protect your loved ones, please contact me at 804.608.9775 or jeff@jeffdietzfinancial.com to discuss and obtain rates.
You can think of term life insurance along the lines of car insurance or renting an apartment. If you were in a car accident during the policy period, the auto insurance company would pay for damages. After the policy period, however, the auto insurance company would not pay for damages. Similarly, when you rent an apartment, you’re allowed to live there during the period of your lease, but after that you have no claim to the property. In either situation, you are not building any cash or equity in those transactions and there is no permanent nature in either; you’re making payments (premiums) for a benefit for a specified period of time. As a result, term life insurance premiums are significantly less expensive than permanent insurance, which is good for your entire life and also builds cash value – cash that can be used for any purpose at any time. Term insurance provides the most amount of coverage per dollar spent; it’s the most cost effective way of providing peace of mind.
Top Reasons for Buying Term Life Insurance
- Paying off a mortgage, credit card debt, student loans and other obligations
- Providing income replacement for a surviving spouse/significant other and/or children
- Funding the college education for their children
- Cover final expenses and other short-term obligations
If Term Life Insurance could be an appropriate solution to protect your loved ones, please contact me at 804.608.9775 or jeff@jeffdietzfinancial.com to discuss and obtain rates.
