Term Life Insurance: Short Term for the Long Haul
Looking for a term life insurance plan that fits your needs? Shelter offers several versions of term plans: one for younger people with limited budgets; 10-, 20-, and 30-year plans; and yearly renewable term plans.
Will term life insurance fit your needs?
- If you want the most coverage for minimal price: Term life premiums are designed for those with limited budgets. Because they don't accumulate cash value, term life costs less to establish than a permanent policy.
- If you want coverage for the lifespan of a specific debt: With term life you can be sure that debts are paid within their required timeframe, even if you die. You could purchase a 30-year term policy for a 30-year mortgage or a 10-year policy after your child graduates college, for example.
- If you want additional coverage for a limited time: You may already have a permanent life policy, but maybe that policy is only enough to cover your beneficiaries' living expenses. But what about the mortgage after you've gone? The addition of a term life policy could help pay it.
- If you want the option to purchase life insurance later: Some term life policies can be converted to a permanent policy down the road, without proof of good health.
If you think you are a good candidate, contact your local Shelter agent. They'll help you find the right coverage to fit your financial lifestyle, so you can rest assured knowing your loved ones will be taken care of.