How Does Term Life Insurance Secure Your Future?

Not surprisingly, life expectancies have decreased in the past year. The outbreak of COVID 19 left many people sick and having difficulty planning for their future. This is where term life insurance may come in. 

What is term life insurance? A term life insurance policy is the easiest and purest form of life insurance. You pay a premium (a particular amount of money daily/monthly basis) for a set time – usually between 10 and 30 years. If there is death within that time, your beneficiary will receive a cash benefit. These are usually family members.

Also known as term assurance, term life insurance is a form of life insurance that provides coverage usually at a fixed payment rate for a set period.

What is the reason for needing term life insurance? For security and assurance. That’s as simple as it gets. If you have loved ones you need to cater to, term life insurance will help you protect them against future loss. Where there is death, beneficiaries receive a lump sum of money for children’s education other costs. Term life insurance is a helpful cushion to fall back on when the unexpected happens. 

Benefits of Term Life Insurance

• Your beneficiaries get to reap the results of your early investment. If you pass away during the premium term, the insurer will pay your beneficiaries the policy’s face value. They can then decide to use this cash benefit, which is generally not taxable, to pay for your healthcare and funeral expenses, consumer debt, or mortgage debt, among other things.

• The features and conditions of term life insurance plans are sometimes flexible. For example, you can either renew it, convert it to permanent coverage, or end the term life insurance policy once the term expires.

• Term life insurance companies like RBC have very flexible coverage plans that allow you to cover significant debts based on your repayment terms. Depending on the plan you operate, you get to maximize the benefits of each.

• Your term life insurance, leaves you with suitable finance options for your children and loved ones to anchor on, even when you’ve died and can no longer take care of them. You can also convert your ten-year or twenty-year term life to permanent life before you turn 69. How great is that?! 

• You can be sure of renewable and convertible plans without a medical examination.

• There’s a plan for everyone. Our advisors work to find you a plan that fits your budget and unique circumstances.

How do I get term life insurance?

The first step to getting term life insurance is doing proper research and gathering needed knowledge. You have many plans to choose from as there are several insurance companies from which to get term life insurance. Research helps you know which will benefit your unique conditions. It also enables you to identify the best insurance company from which to get term life insurance. 

The second step is to contact your company of choice and ask for a quote tailored to your unique preferences based on the details you will provide.