What is Term Life Insurance? Basic Complete Coverage on a Budget

Term Life Insurance from Aiden Parker and Associates is an affordable way to help make sure your loved ones are financially protected if something were to happen to you. If you need coverage immediately, Term life insurance provides coverage at a fixed rate of payments for a limited period of time. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions. If the life insured dies during the term, the death benefit will be paid to the beneficiary.

Term insurance is the least expensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis over a specific period of time. For that reason, while people of all ages may benefit from Term Life Insurance, it’s often popular with families that have tight budgets. Here are a few key features:

  • Temporary protection to help pay off mortgages, loans and other debts
  • A choice of 10-, 20- or 30-year level-premium coverage terms
  • The possibility of converting to a permanent policy in the future, regardless of health

Recently married? Want to protect someone special? Expecting a baby? No matter the issue, you can’t leave those you love with no protection, unable to pay the bills and with nowhere to go. Term life insurance is the original form of life insurance and can be contrasted to permanent life  insurance such as whole life or universal life, which guarantee coverage at fixed premiums for the lifetime of the covered individual unless the policy owner allows the policy to lapse.

Don’t wait another day. There are benefits to getting Term Life Insurance now and Aiden Parker and Associates is ready to help you get started. How much is enough life insurance? Use our Life Insurance Calculator to find out. To get real answers and advice on how to protect your loved ones call (201) 881-0500

Understanding a Term Life Insurance Policy

Term Life Insurance is designed to provide financial protection to cover temporary needs in the event of your death.

Temporary needs may include funds necessary to pay for: business debts, education expenses, mortgage obligations or income replacement. It can also offer temporary protection for long-term needs when you cannot afford a permanent life insurance policy at the present time. It is truly heartbreaking when a spouse, parent and provider is lost and the remaining family members can’t afford the mortgage or the rent.

No one likes to think about what happens when loved ones pass, but, making an investment their well-being now should never be ignored. Be responsible with your family welfare and call Aiden Parker and Associates at (201) 881-0500.

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