What is term life insurance?

February 29, 2012

Wondering whether or not term life insurance is a good choice for you? Read on.

Term life insurance is an insurance policy that provides protection for a specified period of time.

If you’re new to the world of life insurance, term life insurance can be a good place to start because it generally costs less than permanent life insurance policies. Term life insurance is also available in varying term periods with fixed premiums from a one-year annual renewable term to a 20-year level term.

Furthermore, some term life insurance policies can be converted to permanent coverage as your needs change.

When should I consider term life insurance?

Whether or not you should consider purchasing a term life insurance policy depends on several factors.

You may want to consider a term life insurance policy if:

  • You have a spouse
  • You have dependent children
  • You have an aging parent or physically challenged relative who depends on you for support
  • Your retirement savings are not enough to insure your spouse‚Äôs future against a rising cost of living
  • You have a sizable estate
  • You own a business
Contact Burkhart Insurance Agency to learn more about term life insurance.

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