Term Life Insurance
Term Life Insurance
Term life insurance provides coverage for a specific number of years and you select the â€œtermâ€. It’s an easy, more affordable option if you’re not looking for lifelong coverage. But, if you should change your mind, during your policy term you usually have the option to renew it or perhaps convert it into a permanent life plan.
At Straub Insurance, we offer several term life insurance plans including an easy-to-purchase option and level term insurance.
Some general things to know about term life insurance:
You have the option of choosing how long and how much
Plans usually come in 5, 10, 15, 20 or 30 year packages
It is often more affordable than other life insurance options
It only pays if you perish during the period of the policy
When Would I Need Term Life Insurance?
In your 20s: There are reasons to consider life insurance protection at a young age. Your rates will be less expensive because insurers price policies based on risk and young people have a far lower mortality rate than older groups. College and credit card debt could be one expense you want to cover. A term policy can help relieve the burden of college loan payments away from your co-signer or family.
In your 30s and 40s: A new house, spouse and growing family are just a few reasons to consider a term life policy. While the best approach is often a blend of term and whole life insurance – that provides lifelong coverage and builds cash value â€“ term policies can help cover the basic expenses if the unexpected does occur.
Whether you’re a fresh-out-of-college grad, a home owner, newly married or just had your first child, here are a few reasons why you might need a term life policy:
From funeral planning to cemetery arrangements and proper permits, a funeral can cost up to $8,755. A term life insurance plan helps cover those costs so your family and loved ones don’t have to.
Consider how much money your family would need without your paycheck in the picture. A term policy can help cover rent, utilities, groceries, car payments or childcare expenses so your family can maintain their lifestyle to the comfort they are used to.
Having life insurance in place can allow your family’s story to continue in the home they know and love.
Child Starter Plan
Purchasing life insurance when your children are young means they’ll be able to have life insurance when they need it most â€“ even if there are health problems that run in your family. Once in place, their rate won’t go up and they’ll also have the option to exchange their term policy into a permanent cash value policy later in life.
*Coverages may not be applicable to all carriers