Term Life Insurance

According to a report released by LIMRA, it was found that around 35 million households in the United States currently don’t have any form of life insurance. To put it into better perspective, that measures at roughly 1 in 3 households.

For many families, cost often stands in the way of obtaining financial security. Because of this, people often turn to term life insurance as a means for providing in the event of a family tragedy.

What is Term Life Insurance?

Term life insurance is typically more affordable because it is valid for a certain period of time, as opposed to whole life insurance. People who survive on low incomes or only have minimal needs for life insurance are often better suited for term life insurance. The term of this type of life insurance policy can last as little as 5 years, or it can extend up to 30 years.

Benefits of Term Life Insurance

People have various reasons for choosing this short term alternative for life insurance. Not only is term life insurance flexible, but its death benefits are non-taxable, premiums are cheaper than those from permanent policies, the insurance holder has significant flexibility in choosing the size of the death benefit, and approval is extremely easy to obtain.

A term life insurance policy can enable you to continue providing financially for your family in the event that you pass on. For example, your family can use the death benefit to replace lost income, make mortgage payments, pay off debt, fund your children’s college tuition, etc.

Getting a Term Life Insurance Quote

There are many factors that go into determining a quoted rate for term life insurance. These include the insurance company you’re requesting the quote from, your health status, your age, the specified benefit request, and more. The best course of action is to work with a reputable, independent insurance agent. We have many affordable term life insurance options to choose from. For more information regarding automotive Insurance in Virginia, Maryland, West Virginia, and District of Colombia, call 703-803-8191 to speak to an insurance agent from Credo 1 Solutions today