Term Life Insurance
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Term Life Insurance Information
Consider obtaining a life insurance policy if you provide financial security for a spouse, children or other family members. Life insurance can help ensure that your dependents are protected financially when you pass away.
What Is Term Life Insurance?
One type of life insurance is term life insurance, which is only for a fixed period—commonly 10, 20 or 30 years. Short-term insurance will only pay out if the policyholder dies during the term. If they outlive the term and the coverage ends, their beneficiaries will not receive any money. When the policy reaches its term, the policyholder must reapply for a new policy if they want coverage to continue.
How Term Life Insurance Works
When you purchase a term life insurance policy, your insurance provider will determine the premium based on the payout amount and your age, gender and health. If you die during the policy term, the insurer will pay the policy’s face value to your beneficiaries, which can be used for the following:
- Income replacement for dependents
- Funeral and burial costs
- Medical expenses
- Federal and state death taxes
- Charitable contributions
- Daily expenses
Remember that there will be no payout if the policy expires before your death. You may be able to renew your policy, but the premiums will most likely be recalculated.
Types of Term Life Insurance
There are a few different types of term life insurance, some of which include the following:
- Level term life insurance maintains the same premiums and death benefits throughout the term. Rates won’t increase as you age, and the death benefit is consistent whether you die in the first or final year of the policy.
- Annual renewable term life insurance has a premium that increases each year you renew it. This type of policy guarantees you keep coverage and don’t need to reapply.
- Decreasing term life insurance has a premium that stays the same over the length of the policy, but the death benefit decreases steadily over time.
- Return of premium term life insurance promises to refund the premium you paid if you outlive the policy, which makes the policy more expensive.
Discussing your life insurance needs with a trusted insurance provider who can help you determine what coverage is right for your specific situation is crucial.
Term Life Insurance Quote in Central California
If you want to learn more about term life insurance, contact Sanguinetti & Co. Insurance Brokers. We are committed to helping you find the coverage you need.