Term Life Insurance can Help you be Prepared
Sometimes, term life insurance is really designed to fix a temporary need.This is truly what “term” insurance does. Because it’s relatively affordable, it can minimize your risk for a small amount of money. Many times in our lives we’re trying not to be insurance poor, but we still want to be prepared for a catastrophic situation.This is where term life insurance is the perfect solution. For example, maybe you have 20 years left on your mortgage and you want to make sure that if you or your spouse passed away, that the surviving spouse could own the house. A 20 year term life insurance policy could easily cover that risk and for short money. Suppose another concern is making sure the kids can attend college should one of you pass away. A 20 year term life insurance policy or even a 10 year policy could take that risk off the table, again in an affordable way.
Once the term period has expired, the life insurance expires, but the reality is, you only needed it for that specific length of time. So it’s a great way to cover those heavy financial risks, for a specific period of time, in an affordable manner that should not leave you insurance poor.
There are times when you may need the insurance to cover a longer stretch of time. This is where a 30 year term life insurance policy might come into play. There is also a way to structure permanent life policies so that they will last the same length as a term.They might cost a little more, but you have more flexibility to be able to extend those policies because the payments can be more flexible than term. Both of these approaches are great if your concern is that the group life insurance you have through work, wouldn’t be enough to cover your family if there should ever be a catastrophic loss.
About the author: Mark Yurkovic has been in the life insurance business for over 12 years, and holds CLTC, LUTCF, and CES designations. He enjoys building remote control boats, and playing instruments including the piano, guitar, banjo, and mandolin. Mark would love to discuss life insurance options and work towards finding the best policy fit for your family. You can contact Mark at 1-800-651-1953 or MYurkovic@Pivot.com.