Car insurance. Is Term Life Insurance for You?, LOC Financial Services

Term insurance is the simplest form of life insurance. It provides temporary life insurance protection on a limited budget. Here’s how it works: Term life insurance with.

When a policyholder buys term insurance, he or she buys coverage for a specific period and pays a specific price for that coverage.

If the policyholder dies during that time, his or her beneficiaries receive the benefit from the policy. If he or she outlives the term of the policy, it is no longer in effect. The person would have to reapply to receive any future benefit.

Unlike permanent insurance, term insurance only pays a death benefit. It does not accumulate a cash value. That’s one of the reasons term insurance tends to be less expensive than permanent insurance.

Many find term life insurance useful for covering specific financial responsibilities if they were to die unexpectedly. Term life insurance is often used to provide funds to cover:

Life insurance cost

College education for dependents

Would term life insurance be the best coverage for you and your family? That depends on your unique goals, needs, and circumstances. You may want to carefully examine the pros and cons of each type of life insurance before deciding what type of policy may be the best fit for you.

Several factors will affect the cost and availability of life insurance, including age, health and the type and amount of insurance purchased. Life insurance policies have expenses, including mortality and other charges. If a policy is surrendered prematurely, the policyholder also may pay surrender charges and have income tax implications. You should consider determining whether you are insurable before implementing a strategy involving life insurance. Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments.

Life insurance is not insured by the FDIC (Federal Deposit Insurance Corporation). It is not insured by any federal government agency or bank or savings association.

Fixed term insurance plans

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2019 FMG Suite.

Related Content

Though we don’t like to think about it, all of us will make an exit sometime. Are you prepared?

Life insurance proceeds are generally tax-free. But not in all cases.

The importance of life insurance, how it works, and how much coverage you need.

Best online term life insurance quotes

rates-life-insurance.com
Overall rating page: 4.1 / 5 left 757 people.

Posted by at 11:38PM

Tags: car insurance, benefits of term life insurance policy, small business insurance, premium term life insurance, details of life insurance policy, term assurance quote, term life rates comparison, life insurance cost, best online term life insurance quotes, fixed term insurance plans

Comments

There are no comments for this post "Is Term Life Insurance for You?, LOC Financial Services". Be the first to comment...

Add Comment