AFFORDABLE TERM LIFE INSURANCE QUOTES

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Understanding Affordable Term Life Insurance


There are many commercials that pop up on television and radio promoting the value of getting an affordable term life insurance quotes. Now, most people have a clear understanding of what a term life insurance quote entails. However, they may be unaware what the concept of term life insurance centers on. For those that may have a number of questions regarding this form of coverage, the following is a brief overview of what it entails.


As with other forms of life insurance, term life insurance centers on offering a “death benefit.” That is, when the insured dies the beneficiaries will be paid a settlement amount based on the amount of coverage that the insured purchased. Again, this is standard with all life insurance policies. However, term life insurance is different in one respect. Specifically, term life insurance only provides coverage for a certain designated period of time. This timeframe is, of course, the term mentioned in the title of the coverage.


In short, the coverage is purchased for a specified term. When the term expires, the insured has the option of purchasing a new policy. In some instances, it may be the exact same policy at the same price. In other instances, it could be a new policy at an increased price or different terms. And, of course, the insured could also downgrade the policy for a lower premium. Really, this is the major benefit of purchasing a term life insurance policy. A person can save a lot of money on the purchase of a policy since the policies are being purchased in fixed terms.


This makes term life insurance perfect for those that may be on a proverbial budget. Anyone looking to make sure their family is properly covered in the advent of an emergency can take out a short term policy at a reasonable cost. That alone is a huge endorsement for term life insurance.

Unemployment Rate indicates need for Life Insurance

Has unemployment made you wary of new investments? Are you struggling to keep up with monthly expenses, and have you stretched your budget way beyond its limits? In times like this, it is natural for people to prioritize their expenses, and more often than not, life insurance is one of the expenditures to get struck off the priority list. Yet, are we really doing the right thing?

Layoffs, unemployment and recession are actually indicators of a need to seriously reevaluate your life insurance needs, and purchase additional term life insurance if required. If you have no life insurance at all, this is the time you must consider purchasing a new policy. Things may be bad now financially, but think how the situation could get even worse for your family if you were no longer around. Left with unpaid loans and mortgages, monthly expenses, and no life insurance to soften the blow, they would be in dire financial distress even while grieving the death of a loved one.

According to life insurance experts, a rising unemployment rate and a recessionary economy are surefire signs that indicate the need for increased life insurance coverage. Sadly, most Americans are doing the opposite ' when money gets scarce, life insurance is one of the first expenditures that gets blown off the list.

Why should your need for individual term life insurance increase in tough economic times?

  • Rising unemployment and rampant job insecurity:
    The only life insurance most of us own is the one they are covered under in their work place. With unemployment on the rise, and no job security, you must know that the kind of life insurance you get through your work place is not portable. So if you lose your job, you are no longer covered and you need to purchase life insurance. Even if you have a very secure job, did you know that employers typically cover you for about 2 ' 3 times your current salary? This is barely enough. Life insurance coverage should ideally be around 10 to 15 times your current income. So even if you are guaranteed coverage due to a very secure job, you still need to fill the gap and cover yourself adequately.
  • Cuts in work benefits:
    Employers want to cut back on costs heavily in times of recession. You can't blame them. They are going through a tough time too, possibly losing clients and trying their best to keep the business afloat. Employees have to be prepared for cuts in their retirement, pension and other benefits. If you received job-related perks, you will have to get used to doing without them too, or paying for expenses out of your own pocket. So all in all, you will face a huge cut in your benefits, while your expenses may go up. Holding an individual life insurance policy with adequate coverage is therefore imperative.
  • A drop in the value of your key assets:
    Housing rates have crashed, and you have seen the value of one of your biggest assets sink. Other important investments, and possibly ones that you had banked on for the future have also taken a tumble. You have to rethink your financial plan, and fill the gaps. If you can't leave assets to your family, you can at least leave them a huge death benefit.

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