You have probably heard of your friends, family, or coworkers talk about term life insurance and may still be wondering what it is, how it works, and who can receive the benefits term life insurance has to offer.
The concept behind term life insurance is simple: your life insurance policy provides coverage for a specific window of time. That window is referred to as the "term." Different insurance carriers offer different term periods anywhere from one year to 30 years typically. How much term life insurance you need and the right term for you depends on several factors, including your age and your personal circumstances. As long as you pay the premium during the term, your term life insurance policy will stay in force and your beneficiary or beneficiaries would receive the proceeds from your policy, usually tax-free in the event of your death during the term.
Affordability is one of the advantages of term life insurance in comparison to other types of life insurance plans. You can choose the length of term that works for you, and pay for the coverage that you need. This makes term life insurance cost-effective and easily approachable.
How much coverage is available?
The amount of coverage you receive with your term life insurance plan varies based on your provider and your policy. With Direct General, one-year terms with $25,000, $15,000 and $10,000 in coverage are available, depending on your needs and the state you live in.
But what happens after the first term? Does your policy change? Will your costs go up? At Direct General, we guarantee two additional one-year terms at the same premium as your initial term, regardless of your age or any health complications that may arise.
Who receives the benefits?
When you purchase term life insurance, you receive comfort knowing you have a term life policy to help your loved ones financially should you die during the term. Your beneficiary or beneficiaries will receive the coverage amount associated with your policy. Anyone important to you can be a beneficiary, whether that means your spouse, your children or grandchildren, your parents, or any other loved one.
What's the short-term, immediate result of purchasing term life insurance? The answer is simple: peace of mind knowing you are doing a good thing for those you love. Your policy can help pay for a range of costs that your family might incur in the event of your passing. You can worry less about unexpected medical expenses that might pop up as your spouse grows older, how he or she will pay the mortgage, or how your kids will make their way through college.
Gain peace of mind today and get your free quote for affordable term life insurance.
*Policy terms and conditions apply. Individual term life insurance by Direct General Life Insurance Company, Nashville, TN. Policy 58TL02010713. Premium and other terms will vary by state, the insured's age, and the selected coverage.