The Insider’s Guide to Life Insurance
What Is Term Life Insurance?
When shopping for life insurance, you’ll be introduced to a remarkable amount of products available to you: term life, whole life, universal life, simplified issue, guaranteed issue. The list goes on.
Term life insurance is one of the simplest and most affordable types of life insurance available. Just like the name entails, term life insurance covers you for a specific time period – typically 10, 15, 20 or 30 years. You pick an amount and term length that fits your financial situation, and you pay the monthly premium, and you’re covered.
Depending on the term length you choose, it can be enough time to outlast your mortgage, cover the kids through college or cover any other timeframe where you have people who rely on you to help pay the bills. If you die during that timeframe, your beneficiaries will receive a death benefit to help cover expenses. Simple as that.
To get an idea of how affordable term life insurance is, let’s assume you’re a healthy 35-year-old woman. You could buy a 20-year, $500,000 Haven Term policy for about $23 per month. We bet that’s less than your cable bill or a combination of all your TV streaming services combined.
Don’t let the endless life insurance options frustrate you. Term life is a great option for most people.