Term life insurance is just one of the many resources you can use to ensure your family’s comfort and financial security in case of tragedy. This form of insurance is specifically designed to replace your income should you pass away earlier than planned. As the name suggests, term life insurance is for a specific number of years and a fixed payout amount. The premiums are guaranteed not to change during the term of the insurance contract. This is unlike other forms of life insurance like whole life or universal life, which are in effect for the insured’s lifetime as long as the premiums are paid.
This time certainty feature allows insurance companies to charge a lower premium rate for this type of policy. Most advisors recommend that you don’t think of term life as part of your estate, but rather as an income replacement vehicle. It should be part of … Read More!