The insurance that is suitable for almost everyone Term Life insurance is the life insurance that is suitable for almost everyone. Term Life is the cheapest type of life insurance that you can buy. This is why-Unlike whole life or universal life, there is no cash value and you will receive nothing back from the policy if you cancel, let the policy lapse or are living at the end of the term.
The life insurance company is betting that you will live to the end of term or stop paying the policy. As with auto and the hopes that you do not get into an accident, you are hoping that you do not have to collect on term life. What term life does provide you is peace of mind for a certain time frame. If you pass away during the term of the policy, typically, 5, 10, 15 or 20 years, your beneficiaries will receive the death benefit.
Everyone would like their family to have peace of mind. Term life is the insurance that is suitable for almost everyone because it is affordable. This is particularly important if you are the breadwinner and have obligations, such as a mortgage and a spouse and or dependent children. Term life is so affordable that it really is the insurance that is suitable for almost everyone, as long as you are healthy and under a certain age, you can qualify for term life.
Sometimes, people just buy a relatively small term life policy to cover funeral and burial expenses so as not to burden their family. Sometimes, people buy term life policy to cover the cost of their mortgage for the number of years left on their mortgage. Some people buy enough so that their family can sustain their standard of living until the children are grown and/or the living spouse can begin to earn an income.
Term life is insurance that is suitable for almost everyone.