You know you need to buy insurance, but you may not know exactly why. There are the obvious reasons — such as protecting your family financially — and some that you may not have considered. Here we show you the top 5 reasons for buying term life insurance.
First, the definition. Term Life insurance is life insurance that provides a death benefit if the insured dies during the period specified in the policy, subject to the policy terms and conditions. It is a great idea to have Term Life if you have financial commitments that your family depends on such as mortgage payments, debt, and your children’s education. If you’re still a little in doubt about term life insurance, you can research what is term life insurance.
Teachers Life offers three term life products for Educators: Online Individual Term insurance, Renewable Term Life Insurance and PermaTerm (which covers you to age 100). There are several key differences between them, which we can discuss with you, to make sure you get the right one for your needs.
Here are the top 5 reasons to buy term life insurance:
- Peace of mind: If you buy a term life insurance policy, you are immediately buying peace of mind. If anything happens to you during the policy period (which can be 10 to 40 years), you will know that your financial obligations will be covered.
- Affordability. Term life insurance is known to be more affordable than permanent life insurance, while still offering your family the same benefits as permanent life within the period of the term. And with PermaTerm, you get coverage to age 100 — which for most people, is lifetime coverage.
- Simplicity. Term life insurance is relatively simple to understand and buy. With Online individual term insurance, you can buy online and your coverage could be in force in minutes.
- Reliability. The monthly premiums are agreed to at the outset, and then guaranteed to remain the same for the life of your policy.
- Happiness. Do you ever think about happiness when you think about insurance? No? You’re not alone. It might not be the most obvious connection. But term life insurance could one day make all the difference.
In the event of your death during the period of the term, your family’s financial obligations will be covered. In the long term, this will help ensure the future happiness of your family by keeping them from financial adversity.
Whether you’re starting your first job or well into your career, you can find the insurance that’s right for you by reading our Insurance For Your Life Stage blog series.
Teachers Life is more than just an insurance company. Our policyholders are Members. Founded by educators in 1939 to provide not-for-profit insurance; Teachers Life is dedicated to making our community better.