Why to Consider Term Life Insurance
Term life insurance gives you coverage during a specified amount of time. You can choose your terms, plus it’s more affordable, making it a wise choice for some. Not sure if term life insurance is for you? Our experts at Drs Choices can help you make the right decision with a simple consultation so contact us today!
Term life insurance can give you fixed premium for the whole term or on level terms. You can fix your death benefits as well. If you’re young and just starting out, you might want to consider term life insurance to protect the ones you love. It’s important to know though that it doesn’t build up cash value as is the case with other styles of life insurance.
Discover the Different Types of Term Life Insurance
At Drs Choices, we know the subject of death is a difficult one. But it’s even more upsetting to think about your loved ones having troubles to take on after you’re gone. The right term life insurance policy will protect them during a difficult time.
- Level Term Life Insurance
With this type of term life insurance, you have levels or fixed premium payments for the length of the term you specify. This gives you fixed benefit amounts over terms between 10 and 30 years. Most are in 5-year increments like 10-year, 15-year, 20-year, 25-year, and 30-year.
Longer terms generally mean a higher premium per month but this type is less stressful in that you buy it and then budget that payment in without any other worries. We like to call it a “pure” strategy for coverage since it’s very simple and straightforward.
- Renewable Term Life Insurance
Renewable means you can renew your insurance at the end of each term without having to go through another medical examination or submit proof of your health every year. Premiums usually are calculated on your current age. This option gives you some flexibility and leaves you without having to worry about health conditions.
- Convertible Term Life Insurance
If you like having choices, Drs Choices understands. Convertible term life insurance gives you exactly that so you can change from term life to permanent life insurance. You can do so without a medical exam or proving your insurability. Many people choose this option because it has you covered no matter what you decide. While the conversion will result in a higher premium and you have to decide within a window of time as specified in your life insurance contract, this might be an ideal flexible choice for you to move on to in time.
How to Know Which Term Life Insurance to Choose
At Drs Choices, we recommend you think about life insurance in terms of your current needs plus your future ones. By not purchasing enough, you leave your loved ones vulnerable to debt. Think about your mortgage, any education funds, and expenses that you can cover once you are gone. Our life insurance calculator can help you but even if you’re a whiz with math, we know it’s a difficult topic to think about. At Drs Choices, we’re here for you to help you make the best decision for coverage that fits your budget and your life.
Life insurance isn’t a cookie-cutter product. We help you tailor your plan to meet your needs. Buying it while you’re young and healthy is the best bet so you won’t have higher premiums. Lock in your rates now and plan for the future with Drs Choices. Protecting doctors. It’s all we do. Let us protect you today!