About Us Toggle the visibility of the sub menu.Insurance Toggle the visibility of the sub menu.Annuities Toggle the visibility of the sub menu.Retirement and Protection Toggle the visibility of the sub menu.Home Toggle the visibility of the sub menu.We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The content provided on Moneywise is information to help users become financially literate. Information and timely news from our team of trusted money specialists. You might select a term that coincides with your working years, the years until your children reach adulthood, or the time it will take to pay off your mortgage.Ĭompare life insurance policies to find the coverage you need at the best possible price. Term life insurance is worthwhile so the people depending on you will never have to go without, in the event of a tragedy. Is term life insurance worth buying?įor many people, the answer is yes. It’s all about providing financial protection to loved ones. In some markets it’s tough to sell houses quickly, and the process can be particularly stressful if you need the money fast.Ī life insurance death benefit can provide a large amount of cash to help the surviving mortgage holder make the payments and hold off on selling.īut life insurance shouldn't be thought of as a cash windfall. Term life insurance is especially important if the two of you share a mortgage. Life insurance also should be considered if you have a spouse or partner, to replace your income if you die so your significant other isn’t left struggling to cope with the household finances alone. Think of it this way: If you’re at home with the children, who’s going to look after them if something happens to you? Your partner would need to pay for child care - and term life insurance could cover that cost. In a two-parent household, it’s vital to buy life insurance for both, even if one is a stay-at-home parent. Life insurance is designed so you don't have to worry about your dependents struggling to get by if you're not there. Could they go to camp? Would they continue with their extracurricular activities? And think about how your kids would cope without you to take care of them. You may think it's unlikely you'll die in the near future - but you have no way of knowing that for sure. There are too many instances of families living a happy life until one parent died, leading the survivors to scrape by for years. Raising them on a single salary is very tough in today’s society. It’s a good idea even if you have a significant sum in a savings account or retirement fund to fall back on.Ĭhildren are expensive. Life insurance is a must if you’re a parent. At the very least, it can provide money to pay for your funeral and other end-of-life costs.īut two groups in particular need life insurance and ought to look into term life. Life insurance is a good idea for anyone. More: Selling a life insurance policy Who needs term life insurance? The price depends on your age and other factors.Ī healthy 30-year-old can get a $250,000 20-year term policy for just $13 a month, according to the nonprofit life insurance education group Life Happens. Industry surveys have routinely shown that consumers vastly overestimate the cost of life insurance. Get a Quote How much does term life insurance cost? Get a free quote from Quotacy in under five minutes. The other is permanent life insurance, meant to cover you for your entire life.įind an affordable life insurance policy to keep your loved ones protected. Term life is one of the two major categories of life insurance. As with auto insurance, you don't get any of the premiums back.īut what you get for your money is affordable coverage during important periods of your life, just in case. Once the term is over, your life insurance coverage also ends. Under the policy - which is a contract with the life insurance company - you pay premiums over the length of the term, and the insurer agrees to pay your death benefit if you die during the coverage period. Choose a time frame that coincides with your financial responsibilities - maybe until your children become adults or until the mortgage on your house has been paid off. Standard policy lengths are between 10 and 30 years. Term life insurance is a simple, affordable type of plan that covers you for a set number of years. Compare quotes in minutes with Pretected. Get the right coverage for all your vehicles and pay less.
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