Term Life Insurance

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What Is Term Life Insurance?

Term life insurance is an inexpensive and easy way to protect your family from the uncertainty that comes with someone passing away. It provides a death benefit in exchange for a monthly payment — this way, you’ll have peace of mind knowing that your family is protected if anything should happen.

Life insurance comes in two primary categories: term life and permanent life insurance. While permanent life insurance has higher premiums that can make coverage unaffordable for many families, term life is an excellent option. It’s reasonably priced and offers an amount of coverage that can protect your family if the worst should happen.

Term life insurance provides coverage for a set period of time. Policies typically last between ten and 30 years, though you may find some policies that cover 40 years (at Everyday Life, for example). If you die during that time, a cash benefit is paid to your family or other beneficiaries that you name in your policy. This payment can be used to cover funeral expenses, outstanding debts, daily living expenses, education costs, and more.

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What Are the Benefits of Term Life Insurance?

Term life insurance is simple, affordable, and flexible to meet your needs.

Flexibility

With term life insurance, you get to choose the term length and coverage amount. You’re not stuck paying premiums for years of coverage you don’t need. You can also buy multiple, separate term life policies for different areas of your life. Typically coverage ranges from 5 to 30 years.

Simplicity

Term is the purest form of life insurance — it’s designed to pay your beneficiaries if you pass away prematurely, and that’s it. Term policies aren’t weighed down by complicated investment components. Instead, they’re much easier to manage. When you work with American Classic Insurance, you’ll get matched with a policy that meets your coverage needs. That way, the ending of your policy term matches with the end of your need for coverage.

Affordability

Term life insurance is much more affordable than permanent life insurance because it offers coverage for a limited period. If nothing happens to you during the set term, your policy will expire and the insurance company will never have to pay out the benefits — that’s why your term insurance premiums are lower. This makes it an attractive option for individuals who want to ensure financial protection for their loved ones but anticipate that their needs will change over time (kids grow up, etc.).

Its Cost is Guaranteed

Once you enter into an agreement with the insurance company and purchase the policy, your insurance company cannot raise your premiums due to illness or other life circumstances. Your rates are guaranteed to remain the same as what you signed up for. Compare that to a whole life plan where your insurer has the right to change the cost of your premiums under certain conditions.

Term life takes the stress out of worrying that an unforeseen event could make life insurance more expensive.

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Finding the Best Term Life Insurance for You

The easiest and most thorough way to find the best life insurance for you is by using The Ultimate Life Insurance Calculator tool right now to get a quote — it only takes two minutes and you don’t have to give any contact information.

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What goes into finding the perfect policy?

Term Length

Selecting the appropriate term length is crucial. The duration of financial responsibilities is carefully analyzed to determine the right term length for you. The goal is to have coverage that aligns with the timeframe during which your loved ones might need financial support.

Coverage Amount

Determining the right amount of coverage is essential. We consider factors such as the age and needs of both the policyholder & beneficiaries, any mortgage payments, education costs, and more. This information is used to accurately assess your financial responsibilities and ensure your policy would cover them.

Health and Age

Premiums for term life insurance are often based on the insured’s age and health. Generally, younger and healthier individuals enjoy lower premiums. Undergoing a medical examination might be necessary to determine the final premium rate.