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Term life insurance is an affordable way to provide financial protection. It covers a specific period, such as 10, 20, or 30 years. If the policyholder passes away during this time, the designated beneficiaries receive a lump sum of money. Unlike whole life insurance, term life doesn’t build cash value, but it is cost-effective and suitable for short-term needs.
The policyholder selects the number of years to be covered. Premiums are paid regularly. If the policyholder passes away during the policy term, the beneficiaries receive the death benefit tax-free. After or during the term, the policy can be renewed, converted into a longer-term or a permanent policy, or allowed to expire.
Term life insurance is ideal for those with significant financial responsibilities, such as mortgages or family support.
Term life insurance offers affordable, straightforward protection with customizable coverage, providing financial security for your loved ones when they need it most, without long-term commitments.
Term life insurance is generally cheaper than permanent life insurance.
It’s straightforward; pay the premiums, and in the event of the policyholder’s passing, the beneficiaries receive the payout.
Coverage amount and policy length can be customized.
Follow these four easy steps to secure your term life insurance policy through Wiseconomy Wealth Solutions Inc., ensuring your loved ones are financially protected.
Provide the required documents to complete your insurance application.
Receive a personalized insurance policy designed to meet your specific coverage needs.
Once approved, you'll receive your insurance certificate and be fully covered.
There are several types of term life insurance:
The payout reduces over time, usually matching outstanding debts, & is cheaper than level term life insurance.
The policy can convert to permanent without a new medical exam before term ends.
Both the payout and premiums remain the same throughout the policy.
The policy can be renewed after the term ends, although premiums may increase.
Avoid these common mistakes when choosing term life insurance:
Consider future expenses, not just current debts or needs.
Always review the terms and conditions of the policy to understand coverage and exclusions.
Select a term length that fits your financial timeline.
Ensure all health details are disclosed honestly when applying.
When selecting a policy, consider the following:
Consider how much money is needed for debts, living expenses, and future costs, such as education.
Choose a term that matches current needs, like a 25-year policy for a 25-year mortgage.
Ensure premiums fit within the budget for the entire term.
Term life insurance provides a death benefit to the beneficiaries if the policyholder passes away during the policy's term. It covers:
Disclaimer: The rates mentioned are estimates based on multiple factors. Actual rates may vary from person to person.
Key components of a term life insurance policy include:
The amount paid for coverage.
The amount received by beneficiaries in the event of the policyholder's passing.
Situations where the death benefit may not be paid, such as suicide within the 2 years.
Optional add-ons, such as coverage for critical illness or accidental death.
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