How does term life insurance work?
If anyone depends on your income right now, you need term life insurance. It protects your family by replacing your income—which makes term life one of the most important parts of your financial game plan.
Three main areas to consider when it comes to coverage
- Financial income protection for your children.
- Mortgage and any debts you have
- Retirement – often many people forget this. If you pass away before your retirement plan is funded it will make it harder for your spouse of loved ones left behind.
How much life insurance do I need?
Dave Ramsey recommends 10–15 times your yearly income in term life insurance. When that money is invested well, your family can live comfortably on the return of that investment. When it comes to term length that is dependant on your age getting you to retirement is the ultimate goal, but there are multiple term lengths (30 year, 20 year, 10 year).
Why is term better than whole life insurance?
Whole life insurance is a rip-off! It often costs hundreds of dollars more a month and includes a “savings” plan with a terrible return. Instead, pay a fraction for term life insurance and save or invest what you would have paid for whole life insurance.
Term Life with LIVING Benefits – FREE Critical illness – a GREAT VALUE BUY
A few companies offer Term Life now with living benefits as we feel as a company this is a GREAT VALUE buy. If you can pay almost the same amount for a term plan with it as without it, why not have these added benefits to your policy. These living benefits offer accelerated death benefits to your policy. Term life insurance with living benefits can keep you from going broke paying out for long-term care and medical bills, and it’s affordable.
The Accelerated Benefit Riders Cover Three Types of Illnesses
- Terminal Illness – provides for the payment of an accelerated benefit if an eligible insured has an illness or chronic condition that is expected to result in Death Within 24 Months.
- Critical Illness – provides for the payment of an accelerated benefit if an eligible insured experiences a critical illness. Covered critical illness includes 12-16 Different Illnesses depending on state and company used
- Chronic Illness – provides for the payment of an accelerated benefit if an eligible insured is unable to perform two out of six activities of daily living (2 of 6 ADLs) or experiences severe cognitive impairment