info@thelegacygrpinc.com
Drop us a line
(901) 609-4747
Give us a call
Life insurance helps you plan, prepare and protect what matters most. Term life insurance is an affordable option that allows you to pay a premium for a limited period of time, such as 10, 20 or 30 years and pays a death benefit to your specified beneficiary in a lump sum.
If you are looking for a standard insurance option that will take the burden of sudden end of life expenses off your family, Term Life insurance is a great choice.
Whether you are considering Whole or Term Life Insurance, we can help you weigh the benefits of each type of policy so that you can make the best decision for protecting your family against hardship should the inevitable happen. Term life insurance can protect your loss of income, pay off a mortgage, cover burial expenses and help pay for college tuition for your kids. Take a look at some of the benefits to buying term life.
Since term life insurance only covers you for a limited period of time, a term, you can purchase a policy at a more affordable premium. The shorter the term, the lower the premium. Also, the healthier you are, the lower the premium. For example, if you are a young adult and a non-smoker, you can enjoy a much lower premium than someone who is 4o years old and smokes a pack of nicotine cigarettes a day. Lower risk equals a lower premium.
By having a lower cost, you can actually afford more coverage or a higher death benefit. By purchasing term life insurance, you can buy more protection. If you are a young family just starting out, term life provides an option that will fit your growing family and growing budget.
Term life insurance provides you the flexibility to choose the length of time your coverage protects you. You can purchase a policy for as little as one year, or in periods such 10, 15, 20, and 30 years. At the end of the term you may be able to renew your policy, however, your renewal premium will be based on your current age and health. But, you won't have to prove insurability with the guaranteed renewable term life policy.
The new policy on the block is called Return of Premium policy or ROP. With ROP you still have a set term to your insurance however, when the term ends and if you're still living, you will receive all of the premiums you paid in back when you outlive the term of that policy. So in other words, you'll get a full refund. There's no money lost.
Because your premiums are paid with after tax dollars, your death benefit is paid out tax free as long as it is received in a lump sum.
With term policies, your premium is fixed for the length of the term and your death benefit is guaranteed. However, there are different types of term policies, level term (benefit stays the same for the length of the term), decreasing term (benefit decreasing each year until it reaches zero at the end of term) or return of premium term life insurance (at term you receive all the money you paid in as premiums back).
There's a lot to consider when buying term life insurance and that's what we're here for - to help you navigate through the testy insurance waters smoothly to find the best option for your situation.
Have any Questions? Ask us anything, we’d love to answer!
We’re here to help:
Receive resources & tools that can help you prepare for the future. You can cancel anytime.
© 2023, The Legacy Group, Inc.
All Rights Reserved.
