Term Life Insurance
Term Life Insurance is affordable coverage to protect your loved ones when the unthinkable happens. As a family-owned business, P.D. Foster Insurance understands it can be difficult to face the idea of leaving loved ones behind. However, Life Insurance is the best way to ensure they do not suffer financial loss on top of the loss of a loved one.
What is Term Life Insurance?
Term Life Insurance is temporary coverage left to your beneficiaries at the time of the policyholder’s death. It is a tax-free payout providing money to loved ones to help them manage expenses. As the policyholder, you pay premiums for the term of the policy which are calculated based on how much money you wish to leave to your beneficiary.
The length of the term varies, and when the term ends, your policy renews each year, or you can choose to end it. Most policies also allow you to convert a term life insurance policy to a permanent life insurance policy. As a result, you can customize your policy to suit your needs and budget whether you wish to cover the costs of the funeral or leave more behind to help pay off the mortgage, contribute to your children’s education, or support a family business.
How are Term Life Insurance premiums calculated?
As mentioned above, the terms and amount you wish to leave behind are the main factors when calculating your premiums. However, there are other factors that impact premium prices including your:
- Age: Life Insurance premiums increase as you age, so it is always best to choose to contribute to a life insurance policy at a younger age, so your premiums remain lower.
- Health: If you suffer from chronic diseases or have a family history of disease, your premiums can increase.
- Lifestyle: Lifestyle choices such as smoking can also increase costs.
- Gender: Statistically women live longer, so can usually see fewer premiums than their male counterparts.
- Occupation: Higher-risk jobs can increase your premiums.
We will discuss your specifics to come up with a fair price that is affordable, while also leaving money to cover costs following your death.
Who needs Term Life Insurance?
Everyone can benefit from Term Life Insurance. However, the most common reasons people decide to purchase term life insurance include:
- Marriage or moving in with a partner to help provide financial support
- Starting a family to ensure lost income is covered at least partially
- Buying a home with a partner to avoid leaving the burden of the mortgage and other expenses on your partner’s shoulders
If you are at any of these stages in your life, this is the time to speak to our team about term life insurance. They can help you provide financial support for those left behind.
How do you know how much Life Insurance coverage is best?
Your insurance coverage is designed to relieve the financial burden left behind for loved ones. Therefore, you should consider things such as your income, debt, home expenses, or business expenses if you own a company. Our team can help you determine the right policy and coverage for your needs.
Why Choose P.D. Foster Insurance
At P.D. Foster Insurance we have been offering life insurance solutions for our customers since 1949. We understand the financial strains put on families due to rising housing prices, inflation, gas prices and more. We provide comprehensive Life Insurance Coverage to suit your needs whether you want to cover the basics such as funeral costs or help relieve the financial burdens of your loss well into the future. Our goal is to ensure beneficiaries suffer as little financial hardship as possible when they lose a loved one.
For more information about Term Life Insurance, speak to our team today.
