Life happens, are you prepared? Sometimes we are surprised by what happens in life. Term Life Insurance provides coverage at a fixed rate of premium payment for a limited period of time. After that period expires, coverage at the previous rate of premium is no longer guaranteed, and you must either forgo coverage or potentially obtain new coverage with different premium payments or conditions. If the insured person dies during the term of the active policy, the death benefit will be paid to the beneficiary. Term insurance is the least expensive way to purchase a substantial death benefit amount of coverage for the premium dollar spent over a specific period of time. In other words, term life insurance is more like “life rental insurance” for a period of time.
Common excuses that shouldn’t stop you from getting the coverage you need:
“It’s too expensive” “I haven’t gotten around to it” “I prefer to put my money elsewhere” “I worry about making the wrong decision” “The coverage that I have through my employer plan is sufficient”
Do any of these statements sound like you? Most Americans need life insurance and many who already have it may need to update their coverage. There are many types of life insurance, but for all of them, the bottom line is the same. It pays cash to your loved ones after you die, replacing your income and allowing the financial plans you put in place to continue uninterrupted. And, importantly, the death benefit proceeds of a life insurance policy are almost never subject to federal income taxes.
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