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Term Life Insurance

Protect What Matters Most In Your Life

There are basically two types of life insurance – term life and whole life.

Which one is right for you depends on your unique situation and individual goals. You can get a lot of information on the internet and even free quotes, but what you really need to do is talk to somebody about your specific situation. A good life insurance advisor will sit down and ask you questions about your specific situation before he or she makes any recommendations. That way you can know for yourself what’s better: whole or term life insurance?

Below is some basic information to get you started or click the button to get expert guidance.

What is Term Life Insurance?

Term Life Insurance is basically the purchase of a death benefit for a period (or term) of time. That’s why it’s called “term” insurance. With term life insurance, you can get 10, 15, 20 and even 30 years of a level and locked premium. During that time period, the premium will not go up or down regardless of if you get sick or not. If you or your spouse pass away at any point during the term that you choose, the full death benefit pays out to your beneficiaries (the people you specify who will inherit your money). Generally speaking, term insurance is for, just in case something happens to me.

When an insured person passes away, the term life insurance carrier pays out the death benefit check, typically in one lump sum. The money paid out is one of the few things in life that is tax-free. The beneficiaries are able to use the funds for whatever they like. This could be for funeral costs, bills, mortgage payments, college funds, and more.

Term life insurance is a smart way to keep your family in a good position financially should tragedy strike the breadwinner. Of course, the primary goal is that you will never have to use your term life insurance policy. However, if something happens, at least you know your loved ones will be looked after. They’ll miss you, but they won’t have to worry about how they’re going to pay their bills.

Term Life insurance protects your family

Term Life Insurance may not be right for everyone

Term insurance is the simplest form of life insurance and tends to be cheaper than whole life insurance. However, the policy provides no cash value unless the insured dies during the term period. It’s very possible (and even likely) that you will outlive your term policy. If you do, you will get nothing back from the premiums you’ve been paying over all those years. Much like renting, it’s there as long as you’re paying for it and only pays you in the event of a death (or chronic or critical illness if you have additional riders – see below).

Additional Riders Provide Extra Benefits

There are ways to get benefits from term life without having to die. This is possible by including additional riders. You can add riders to provide extra protection for a variety of potential scenarios.

Some of these are:
* Critical, chronic, terminal illness riders
* Accidental death riders
* Waiver premium riders
* Children’s riders
* Living benefits

Living benefits can be immensely valuable because your most valuable asset is your ability to produce your income. And statistically, you’re more likely to have a chronic, critical, or terminal illness than you are to die.

Additional Riders Provide Extra Benefits

Additional riders provide extra protection and benefits.

There are ways to get benefits from term life without having to die. This is possible by including additional riders. You can add riders to provide extra protection for a variety of potential scenarios.

Some of these are:
* Critical, chronic, terminal illness riders
* Accidental death riders
* Waiver premium riders
* Children’s riders
* Living benefits

Living benefits can be immensely valuable because your most valuable asset is your ability to produce your income. And statistically, you’re more likely to have a chronic, critical, or terminal illness than you are to die.

Term Life Insurance With Living Benefits

This isn’t your grandpa’s insurance plan

So much in life insurance is focused on the death benefit that many folks often overlook an even more likely scenario: what if you don’t die? Policies with living benefits offer more than just a death benefit. Living benefits can provide a payout from your own policy should you get a qualifying illness or disability. 

Please note, not everyone will qualify for these benefits, which depend on a number of factors including health conditions, medical history and age. 

Below are the three major categories of coverage under a living benefits rider:

Chronic Illness or Disability

Suppose you were severely injured or disabled and unable to to work. If your condition required help with at least 2 of the 6 activities of daily living for more than 90 days, you would qualify for a payout to help with living expenses.  These include mortgage payments, car payments or other household expenses. Imagine the peace of mind, knowing that in the event of a disability you may still have an income to offset the increased medical costs.

Critical Illness

With modern day medicine, people are surviving critical illnesses now more than ever before. This benefit enables you to accelerate a portion of your death benefit upon diagnosis of a qualifying critical illness (i.e. heart attack, stroke, life-threatening cancer, etc.) These funds can help you avoid the financial burden created by those illnesses, helping you heal. For many, this benefit has meant the difference between keeping and losing your home.

Terminal Illness

Imagine if the doctor told you the horrible news that you have 12 months left to live. What would you do? How would you want to spend your time? With this rider, you can accelerate up to 100% of your death benefit upon diagnosis of a terminal illness. This allows you to use the death benefit payout how you like. It can help reduce the financial burden that can come from medical expenses so you can enjoy your family during those last precious months.