Because of its affordability, term life insurance is a popular form of life insurance coverage. Unlike permanent coverage, it isn’t designed to last a lifetime and it doesn’t build a cash value. Instead, it lasts for a set number of years, such as five, 10, 20, or 30. Once that term has expired, so does the death benefit protection. For this reason, term insurance can be a great choice if you need temporary coverage, such as while you’re raising a family. However, term insurance would be a poor choice if you require lifetime coverage, perhaps because you have dependents with special needs. Here is a breakdown of the basic types of term life insurance coverage to help you decide if this is...
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Who We Are What We Do Get Involved News Hub Who We Are What We Do Get Involved News Hub Term Life Insurance A Part of K of C's Suite of Insurance Products Term life insurance provides affordable protection to your loved ones for temporary needs. It’s simple and straightforward. Knights of Columbus term life insurance may be an ideal solution for people with time-bound financial obligations who are interested in: Protecting your young family on a tight budget. Shielding your family against the remaining payments on your mortgage, so that they aren’t drowning in debt or forced to move if you die unexpectedly. Supplementing or replacing your income in case you die, so that your...
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What is term life insurance? Term life insurance covers you for a specified amount of time – or the term of the policy. You can choose the length of time you want, whether it be 1 year or 50 years. Often, people think about when their dependants may start earning their own income or the number of years left on a mortgage. There are three different types of term life insurance: decreasing cover, level cover, and increasing cover. We currently offer level cover and decreasing cover. Here’s an overview of the differences: Level cover For this option, you choose the cover amount and the length of time you’d like it for, and pay the same monthly amount for the duration of the policy. Though,...
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Life insurance is important for everyone but some people may consider it a luxury due to its cost. That is where term life insurance can be the most helpful. Whole life insurance policies can be expensive for a family that is living on a tight budget, and it may not be for the important term they need anyway. For those individuals, term life insurance is a much more affordable option and can ensure that all of their life insurance needs are met. What is Term Life Insurance? Term life insurance is short term insurance coverage that can be purchased at a fixed rate. A term life insurance policy can run for as little as one year or for as long as forty years. Payments are based on the...
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What is term life insurance? Term life insurance is one of two major types of life insurance you can buy. (The other is called “ whole life.”) Like nearly every kind of life insurance, the purpose of term life is to help you protect your family financially when you aren’t around. It pays them money (called a “death benefit”) they need to cover funeral expenses, mortgage payments, car payments, and other monthly bills. Or to help with big, long-term expenses, like your kids’ education. So, how is term life different from other types of life insurance? The short answer is, it ends. Unlike whole life, which covers you for the rest of your life, term life...
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As you reach many of life's major milestones, you may find yourself paying more attention to the question of life insurance. While it might not always be an easy topic to discuss, its benefits could help your family pay off expenses — and help give them peace of mind — when you're gone. This makes purchasing a life insurance policy an important consideration in helping protect your family and loved ones. Among the various types of life insurance, term life insurance is traditionally viewed as one of the most economical options. Here, we've covered the basics of term life insurance to help you decide if this is the right policy for you. What Is Term Life Insurance? Term life...
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If you’ve been researching financial protection for your family, you’re probably wondering what term life insurance is all about. A term life policy covers you for a specific amount of time, anywhere from 10 to 30 years. Term life differs from a whole life insurance policy in that it does not last for your “whole” life and does not build cash value. Because of this, term life premium rates are lower. So how does term life insurance work and when is it the best solution for you? Choosing the Duration of Your Term The great thing about this type of policy is that you get the flexibility to choose how long you’ll want coverage. If you have dependents, you’ll want to select a term length that...
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