Not sure if term life is the right option for you? Check out the most frequently asked questions about this life insurance product.
What Is Term Life Insurance?
Term life insurance is insurance that covers a person’s rate for a period of time, which is called a term. After the period expires, the policyholder may be able to renew their insurance for a second term.
When Is Term Life Insurance Beneficial?
Term life insurance can be beneficial when you want to protect against the risk of premature death, or if you are not eligible for whole life insurance, which can be more expensive or come with higher premiums.
Families often have more financial obligations when they are young. For example, if you’re 35, you may have young children at home, and if you were to pass away your family would have significantly more expenses to deal with. However, if you were to pass away at the age of 65, your family might be in a different situation: your mortgage will likely be paid off, and your children would likely be finished their education.
Are All Term Life Insurance Products The Same?
No. While term life insurance policies all have something in common, they are not all set up in the same way. This is why it’s always important to discuss your needs and options with a life insurance advisor.
Different Types Of Term Life Insurance Include:
- Level Term Life Insurance - This is life insurance with a premium that stays the same for the entire period of time. The death benefit for this period usually remains the same, but in some cases, it may increase over time.
- Decreasing Term Insurance - This type of term insurance has a benefit which decreases as time goes on. This type of policy usually has lower premiums and is a good option for individuals who only wish to cover something that will be paid off over time, such as a mortgage or student loan.
- Annual Renewable - This type of policy usually lasts for a short period of time and can be renewed at the end of the coverage period.
What Affects My Premiums? How Do I Know How Much Insurance Will Cost?
Numerous factors affect what your premium will be, such which of the above types you opt for. Additionally, your premium can be impacted by your age and your smoking status. This is why it is essential to get in touch with a licensed advisor who can assess your insurance needs. Your licensed agent can then provide you with a variety of quotes to help you find the coverage that best suits your budget.
What Kind Of Life Insurance Is 20/20 Flex?
20/20 Flex is a level term life insurance product. Your premiums will never increase, and your death benefit amount will never go down. This policy is renewable, but you can choose terms between 10 and 35 years--no need to qualify on a yearly basis.
Am I A Good Candidate For 20/20 Flex Term Insurance?
It’s essential to always have a consultation to assess your specific needs, you may be a good candidate if:
- you are looking to protect your family for a specific amount of time.
- you are looking for cost-effective coverage.
- you are looking for coverage without extensive medical underwriting.
- you are seeking level premiums and a level payout for your beneficiaries
Contact An Advisor
To learn more about whether 20/20 life is the best product for your needs, get it touch with our team at 1-844-974-2020, or simply click the chat button in the bottom right-hand corner of your screen! Still not sure if Term Life is for you? Check out our comparison of term and whole life insurance.
