Term Life Insurance
Need help determining if term life insurance is right for you? Talk with the skilled, knowledgeable agents of Flaherty Insurance Group. We’re conveniently located in Charleston, not too far from where you are – and just a phone call away, in any event.
To offer a simple definition, term life is a sort of life insurance that provides coverage at a fixed premium rate for a limited time period, or term. Your term can run anywhere from one year to five, 10, 15, 20, 25, or 30 years. The choice is yours. If you should die anytime during the term period you’ve selected, you have a guaranteed death benefit, which will be paid to your beneficiary.
It seems that many people buy term life insurance to cover expenses in case of death – to pay off their mortgage, say, or for child rearing, college tuition, or seeing that their surviving spouses experience little or no loss of income. Typically, term life insurance is the largest death benefit protection you can purchase for your premium dollar. That’s one reason why businesses frequently offer term life insurance to their key employees, as an incentive.
Please note that your term life insurance policy does not build cash value – unless you add a Return of Premium Rider (ROP). While you can renew the term each year after the guaranteed term has expired, the premiums will go up each subsequent year.
Some term life policies give you the option of converting to a permanent policy – whole life or universal life, for instance. This allows you to remain covered, though, of course, you will pay more in premium dollars for a permanent policy.
If you’d like to learn more about term life insurance and how it might benefit you and your loved ones, contact Flaherty Insurance Group today. Consider us your personal Charleston-area insurance resource!