About Term Life Insurance
These are some factors (not all) that Heritage Insurance Agents will assess in determining which of our companies fits your risk management needs. We will then shop the price to ensure the best fit within those companies.
Term Life Insurance
Term life insurance is the most affordable way to protect your family’s financial security if something happens to you. It replaces your income in the event of your death, and ensures that the ones who depend on you can support themselves financially in your absence. Healthy men and women in their mid-30’s and 40’s can buy hundreds of thousands of dollars coverage for under a dollar a day.
Term life insurance provides coverage for a specific period of time. You can generally buy term life insurance for periods of five years or more, and your policy is active until that period passes. Because you only pay for it as long as you need it, term life insurance is considerably more affordable than whole or permanent life insurance.
Most people between the ages of 18 and 75 can buy term life insurance, although the younger you are and the better your health, the more affordable it is. While people with terminal conditions may have trouble getting approved for a policy, it’s possible for cancer survivors, diabetics, and people who take medications for cholesterol, blood pressure and other conditions to obtain coverage.
You can buy term life insurance for 5, 10, 20 or 30 years-however long you need it. So long as you pay your premiums on time, your policy will remain active until the end of the term period you’ve selected. If something happens to you while the policy is active, your beneficiaries will receive a death benefit for the amount of the policy. In most cases, term life insurance proceeds are tax free. Consult your tax advisor if you have any questions.
Heritage offers several different types of term such as return of premium, convertible, and traditional. Call one of our agents today to make an appointment for your family’s future.