Is Term Life Insurance Right for You?

If you have dependents counting on your income, then life insurance is more than just a luxury.

Term life insurance provides coverage for a specified period. If the unthinkable happens and you pass away during that time, then the beneficiary gets the stated value of the policy death benefit. With a term life insurance policy in Escanaba, MI, you get to choose the length of the term.

When determining if term life insurance is right for you, you will need to decide how long you need coverage. Raising a family creates a temporary need. You may need a large amount of coverage for 20 to 25 years, and after your children grow up, final expenses may be all you need for coverage. If you need temporary insurance, then term life is usually the better option. After the term expires, you have the opportunity to continue the coverage at a higher premium, lower the benefit and the premium, or cancel the policy entirely.

You also need to determine how much you can afford when it comes to a life insurance policy from Luft Insurance Agency. In many situations, when affordability is a factor, term life insurance is the right policy. This is because you can get the most coverage for the lowest premium. This is also a fairly popular choice for parents with newborns.

If you want an investment provision, then term won’t be the right insurance for you. Only whole life provides this benefit. Investment provision is the reason why whole life insurance is more expensive than term life insurance. The difference in prices goes into the cash value aspect of the policy. You will also have better luck finding an efficient whole life policy at a younger age.

Contact Luft Insurance Agency in Escanaba, MI to get a quote on life insurance. We can help you find a policy that meets your needs.