Term Life Insurance
Term Life Insurance
Starlight Financial is here to help you navigate term life insurance.
When it comes to life insurance, you have more options available than what you may assume. There are specifically two types of life insurance: term life insurance and permanent life insurance. It is crucial that you are familiar with both forms of insurance before you make your decision to guarantee that you are receiving the coverage that meets your specific needs. Check out more information below about term life insurance.
In its simplest definition, term life insurance often has the lowest price tag and coverage for a specific time period. Term life insurance only insures you for a certain amount of time, like if you were to pass away before the expected date or appropriate age for example. If that were the case, your dependents would be covered by the funds put into the insurance plan. Its sole purpose is to cover your dependents through the payout if you die within the term of the insurance.
The length of the term is up to you as the buyer. Its range of coverage can be adjusted, often within increments of five years. You will pay for this insurance on a monthly basis, or another method noted by the agency, until the term is up or renewed. Within this branch of life insurance, there are many
adjustments that can be made to make sure that you have the coverage specific to your expectations, time frame, and concerns.
Although term life insurance is typically the most affordable version of life insurance and is also usually simpler to understand for a layperson, the catch is that the
coverage does come to an end. If you are looking for a method of death benefit that is time specific, then this is likely the best option for you. However, be aware that the price and coverage is likely to change after your term insurance expires, meaning that there is no guarantee.
If you are interested in learning more about term life insurance or other life insurance options, contact Starlight Financial Group. We are dedicated to providing you with trained, professional counsel throughout all stages of your finances. We have locations in the New Albany/Louisville area, Lexington, Florence, and Pikeville, Kentucky; Phoenix, Arizona; Kingsport, Tennessee; Linton, Indiana; Fredericksburg, Virginia and we serve those surrounding areas. We also have have a new location coming soon to Southern Illinois.
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Pros and Cons
Learn more from our financial experts about the pros and cons of having a Term Life Insurance policy.