Are you considering a term life insurance policy? If so, you may want to consider asking yourself the following questions, helping to better understand if a term life insurance policy is right for you and your specific needs.

Is a term insurance policy right for my specific needs? Term life insurance policies are only effective when the need for protection is temporary, or if premiums on a permanent life insurance policy are too high for you.

What are the different types of term insurance policies?

  • Level Term Insurance- The death benefit amounts will stay the same for the term of your insurance policy.
  • Decreasing Term Insurance-The benefits will decrease over the life of the policy. This can be useful if you have financial obligations that will decline over time, such as your mortgage or other loans.
  • Annual renewable term insurance– The death benefit will stay the same for the term period, however, your premiums will increase during this time as well.

How long should I use a term insurance policy? Depending on what your specific policy is being used for, this will determine the length of time you will want to use a term insurance policy. For example, if you are using it to ensure your child’s college education is covered, then you may want the term policy to continue until he or she is out of school.

Should I consider a renewable term policy? The benefit of a renewable term life insurance policy is that it can be converted for another term period, without requiring you are healthy for it to continue.

Should I consider a convertible term policy? Convertible term life insurance policies are beneficial if you are considering converting it to a permanent life insurance policy during a specified period of time. You are not required to prove you are healthy with a convertible term policy, as well.

Should I consult with an insurance agent? Before making the decision to invest in a term insurance policy, it is important that you discuss your life insurance options with your insurance professional, especially since they can help you to determine the best solution for you and your family.

For more information and tee see what kind of life insurance policy is right for you, contact Brazelton Insurance Group today.