- Mortgage Protection– To ensure your family is able to continue living in your home without the strain of monthly mortgage payments, you can choose a level term policy the length of the loan of your mortgage. This is a smart option, since your home is normally the largest investment you make. You can still keep your coverage and use it for other expenses like childcare, lost wages, final medical expenses, and financial assistance for loved ones left behind if you pay off your home before the term is out.
- Income Replacement– If the primary breadwinner of your home passes, the income for the household is lost as well. However, term life can be used to replace income for a certain period of time. For example, if the breadwinner’s income was $4,000 a month, the family will have time to recover by replacing income for 2-3 years, thus purchasing a policy for $192,000.
- Education– For parents with small children, term life insurance is essential. If it ever comes a time when either parent passes, a term policy can be purchased to cover the expenses of their children’s college tuition.
- Inheritance- Perhaps you simply wish to leave a legacy for your loved ones? This gives them the ability to grieve properly without being forced to stress over finances.
What do I need to know about Term Life?
- It does not build cash value.
- It is the cheapest insurance option.
- Coverage is not permanent
- Typical minimum coverage for term is $25,000.
- Term policies up to $200,000 are available without an exam (this depends on the insurance company that best fits you).
- Monthly premiums are guaranteed to remain the same during the course of the term.
- If the policy holder commits suicide within the first 2 years, the life policy will not offer compensation.
Do I have options with my Term Policy?
Yes, of course!
- You have the option to convert your term life policy to a permanent life policy at the end of the term without having to answer any additional health questions or go through an exam.
- You may use your insurance policy as a savings plan by choosing a rider that will allow you to get ALL of your money back at the end of the term, as long as you are alive.
What benefit steals the show of Term Life for Bell & Associates?
The term coverage with Living Benefits is the benefit that deserves a space of its own. If you face a critical, terminal, or chronic illness you can access a piece of the death benefit of your policy. The unused portion of the policy will be given to your family upon your death.
What can Bell & Associates do for You?
We provide personalized service and excellent value based on your personal insurance needs. We work with over 50 A+ rated, nation-leading life insurance companies. They are great at what they do and we are great at pairing you with the right insurance provider based on your personal needs. To get started, Contact us!