What is the Shortest Limit for Term Life Insurance I Can Buy?
Posted in Life Insurance , Term Insurance
July 21st, 2009
Having life insurance is a great thing, especially if you are married and have children. Your income goes towards the safe and responsible functioning of your family unit, covering everything from the mortgage or rent down to baby formula, car payments, private school tuition and heating bills in the dead of winter. Should you die, that income will be lost, and your surviving family members could be face hardship. So, in order to make sure that our loved ones are cared for should we die, we get life insurance. One kind of life insurance that many people find to be the right fit for their needs is term life insurance.
Term life insurance is the opposite of whole life insurance. Term life insurance is life insurance bought only for the coverage of specific periods of time, as opposed to your whole life. You may be strapped for cash and find that having life insurance for, say, your child’s early years is all you can afford. If you think about it, it’s much, much better than nothing. You’re paying what you can to cover them during their most vulnerable and needy years. After that, say, ten year period, your term life insurance will expire.
Term life insurance can be purchased in increments as short as one year. Most term life insurance limits, however, are sold in 5-year plans. Buying term limit life insurance may be just the right protection you need to cover your family during a vulnerable period of time.
To learn more about term life insurance, whole life insurance, term life insurance limits, and other aspects of life insurance, be sure to consult with a financial advisor. He or she can discuss the relative pros and cons of whatever life insurance policy you’re considering buying, whether it’s term life insurance, whole life insurance, or any other kind of life insurance.
Be sure to get free life insurance quotes courtesy of Go Insurance Rates if you’re in the process of comparison-shopping rates. The process is easy and secure, and will only take a few minutes. Best of all, it’s absolutely free.