Term life insurance is a form of temporary insurance that covers the life of the insured over a specific number of years, assuming, of course, that premiums are paid in a timely manner. Term life insurance is commonly purchased in blocks of years including ten, fifteen, twenty, or thirty years. Term insurance is particularly useful when a large amount of life insurance is needed during a period of high financial risk.

This could be after getting married, taking on the responsibilities of a family, homeownership, or when starting a business. While it is important to insure the income of those working outside the home, the value of stay-at-home parents should not be underestimated, and they should also be considered as candidates for term life insurance.

One of the appealing aspects of term insurance as opposed to whole life or permanent insurance is that it is more affordable on a cost-per-thousand basis. That means, for example, $500,000 in term insurance is significantly more affordable than the same amount of protection in whole life insurance. This allows it to be purchased in large enough amounts to not only cover burial and final expenses but to pay for an existing mortgage, cover future college costs, and allow a family to maintain a lifestyle they've become accustomed to even in the event of the death of the insured. How much coverage you should secure will depend on your particular life circumstances, goals, and, of course, your budget.

Depending on their health, insureds may have various choices available to them to continue some form of coverage as their term coverage expires . Term insurance is a good choice for young professionals, young married people, and Millennials entering their peak earning years. It is important to remember that any form of life insurance is more affordable when purchased young and in good health, so don't delay.

To learn more about term life insurance and other valuable loss prevention products, and to get your free quote, please contact us.