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Understanding Term Life Insurance

Here’s what you need to know about term life insurance.

The majority of Americans recognize the importance of having life insurance coverage to care for their loved ones. However, many do not know where to start when it comes to securing this essential coverage. When it comes to life insurance coverage, a term life policy is a great option for most individuals. Here’s what you need to know about term life insurance and what it can do for you.

What is term life insurance?

Term life insurance is the most popular form of life insurance out there. As the name suggests, this type of policy offers life insurance coverage for a set term. Generally, term life policies span somewhere between 10 and 30 years. During your term, you pay your premiums and, if you pass away, your beneficiaries will receive the previously agreed upon death benefit amount. Many individuals secure term life insurance to last them until their projected retirement age or until their children are grown and out of the house. When your policy expires, you have the option to secure a new life insurance policy or you can decide to let the coverage go.

How much does term life insurance cost?

Because term life insurance only offers coverage for a set amount of time, these types of policies tend to be the cheapest coverage options. Your premiums depend on a variety of personal factors. For instance, your chosen term length, the amount of coverage you want, your overall health, your age, and your lifestyle are just some of the factors that will influence your premiums.

These are some of the things you need to know about term life insurance. Do you have additional questions regarding your life insurance needs? If so, don’t hesitate to contact the experts at Pierce Insurance Group. We are ready to assist you with all your personal coverage needs today.