Buying Life Insurance

Term Life Insurance

Term insurance is a more affordable life insurance than many other choices. It is generally the cheapest form of life insurance for people under age 50. The younger you are, the cheaper it will be. A term policy can last from 1 to 30 years, depending on the insurance company. You can usually renew the policy at the end of the term.

Basically, you buy term life insurance for a certain price and make payments monthly or yearly, and the policy lasts a certain amount of time. If the person that has the life insurance policy dies in that amount of time, the beneficiary gets the money from the life insurance policy. If the person dies after the policy has expired, the insurance policy doesn't pay anyone anything and you don't get any compensation for the money you spent on the policy.

The premiums increase over time and there is no cash value component. We recommend considering a term policy that is renewable and convertible to whole life.

You can get an affordable life insurance quote from any life insurance institution. We recommend going with a reputable company and shopping around for the cheapest rates.