Term life has no cash value, so you can’t borrow against it or cash surrender it. If you stop paying for it, you lose it. Term life insurance provides coverage for a limited period, the relevant term. After that period, you may drop the policy or pay annually increasing premiums to continue the coverage. Term life policies do not have a cash value feature. This means that the coverage pays the face value of the policy during the specified term, which can be from one to thirty years.
Term life is best for those who need temporary coverage; for example, you may need to protect a business, cover a mortgage, or provide for a growing family in the event of your death. You may also build some retirement assets, making life insurance unnecessary once your family is grown and your bills are paid. Term life insurance is, quite simply, insurance that protects you for a specific period, or “term.” You pay your premium, and if you die during your covered period, the insurance company will benefit your loved ones.
Term life insurance is simple to understand and allows for personal choice. You pay a (low) monthly premium based on the term length and amount of coverage you choose. Term life insurance lasts a certain period, usually 1 to 30 years. Ten years and 20 years are the most common terms.
Contact Brian Gruss today for a free Term Life Insurance Quote by calling or texting (352) 508-4221 or by filling out the form to the side.