Make Sure Your Term Life Insurance Is Affordable
You know that term life insurance coverage is important and you’ve probably calculated that you need a significant amount. One important aspect to consider is that the amount you pay for your life insurance fits within your budget. Unfortunately, I often speak with people whose term life insurance policies have ended up lapsed due to the cost. Lapsed means that no payment was received and the term life insurance policy is no longer valid.
When a policy has lapsed, you have to re-apply for a new term life insurance. It doesn’t hurt to check with a life insurance carrier to see if there is any possible way to re-instate the policy, but many people end up having to re-apply. Keep in mind as time goes on and income increases, you can always look to purchase an additional policy based on your needs at that time.
I believe that having some life insurance is better than having none. So you may not have as much as you would like due to budget constraints, but don’t let that discourage you from applying and at least getting some coverage in place. Even if you start with a ten year term policy, at least you know you have some form of financial protection.
Take the time to review your budget and determine what you can realistically afford for term life insurance. Always remember, life insurance isn’t technically for you. Yes, you purchase and pay for a policy but if you pass away your beneficiaries will benefit from the money and help them with their lives.
If you have been putting off shopping for term life insurance quotes or feel that term life insurance is too expensive give us a call here at Pivot. We’ll have a conversation and make term life insurance understandable. I will then run quotes to give you as accurate a quote as possible. Remember quotes are estimates and can change upon final review from a life insurance carrier.
About the author: Dan Cody has been in the life insurance business for over 7 years. He loves playing a variety of instruments including the guitar, bass, drums, and piano. He also supports cancer research foundations and volunteers at local pet shelters. Dan enjoys helping customers understand life insurance, so they can find a solid policy that fits their needs. You can reach Dan at 1-800-651-1953 or DCody@Pivot.com.