Recent statistics show that while 85% of Americans believe life insurance is important, only about 60% of Americans actually a life insurance policy.
In fact, according to current reports, the number of people who own individual life insurance is at 50 year low.
This is incredibly serious.
No matter why you feel you can’t get insurance, the reality is that not having it puts those you love at risk.
In this post, we’re going to tell you why and when to get renewable term life insurance.
Defining Term Life Insurance
We know that for many, taking out a whole life insurance policy is just too complicated. You may simply feel uncomfortable with the amount of risk that most whole life insurances can carry.
Or perhaps you know that the cash built up in a whole life insurance plan doesn’t go to the family if the policyholder passes away. Instead, it goes to the life insurance company itself.
A whole life insurance policy does, in fact, not offer a death benefit to your family at all.
However, with a term life insurance policy, your family is given a death benefit.
(As a brief reminder, a “death benefit” is a sum of money that your heirs receive after you die, to make up for the loss of your income.)
Term life insurance payout comes with a fixed premium and is awarded to your family for the set term. In general, this term can be between 5-30 years.)
With a renewable term life insurance, your beneficiary can renew that term when it runs out.
And, that beneficiary will not have to go through the qualification process to get coverage another time.
When To Get A Renewable Term Policy
So, when should you go for a renewable policy?
Take a look at the following “checklist” to help you evaluate if a term policy you can renew is right for you:
- If you can’t afford to pay high premiums
- If you have taken out a mortgage or loan
- To ensure it will be paid off in the event of your death
- If you’re terminally ill
- Because a renewal can’t be refused
- If you may need to change your policy
- If you need the option to cancel it
- If you want to avoid startup fees
- If you need lower-cost coverage
We know many people don’t want to go through a re-qualification process, and still more simply can’t afford an expensive, risky whole life insurance policy. Term life insurance is the solution.
Most importantly, it gives you the coverage you need to keep your family safe.
Ready To Get Renewable Term Life Insurance
We hope this post has convinced you that renewable term life insurance is something that’s well within your reach, both personally and financially.
Don’t wait until it’s too late and leave those you care about in a difficult position.
Instead, get in touch with us today to learn more about what we offer, and how we can help you find the best policy out there for you and those you love.