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Term Life Insurance Pros and Cons

Term Life Insurance Pros and ConsIf you’re trying to decide what type of life insurance coverage you should get, you might be comparing a term life insurance policy with a permanent life policy. Here is a guide that covers Term Life Insurance Pros and Cons.

Term Life Insurance Pros and Cons: Pros of Term Life Insurance


Term Life Insurance is Cheap


Term Life insurance is the cheapest form of life insurance coverage available. That means that you get more bang for your buck. The same money spent on term coverage will get you much more death benefit than a permanent life insurance policy.

Term Life Insurance is Easy to Purchase


Term Life insurance is not a complicated financial product. That means that its easier for you to both shop for term life and compare term life quotes. With term life insurance you basically need to make just two decisions. First, you need to decide how much coverage you want. Once you know that, you need to decide how long you want coverage for. You can typically get a term life policy for 10,15,20,25, or 30 years. The longer the term period, the higher the monthly premium will be.

Term Life Insurance Covers a Temporary Need


If you feel like you only need coverage for a set period of time, term life insurance is a good choice. For example if you have little kids and want coverage until they are out of college, a 20 or 30 year term policy might be good enough for to fill that temporary coverage. Or if you are 50 years old and want a policy that will cover you until you retire at age 65, a 15 year term policy may be perfect for you.

Cons of Term Life Insurance

Term Life Insurance Expires


Term Life insurance is for a set amount of years. That means that if you purchase a 30-year term policy and you outlive the 30 years, your policy can expire. You do have the option to renew after 30 years, but its most likely that the renewal rate will be unaffordable to you or simply more expensive depending on your health at that time.

Term Life Doesn’t Offer a Return


Term Life insurance is not a savings vehicle. That means that if you do outlive your policy, you don’t get back the money you spent on the policy (unless you have return of premium term life insurance).

If you’re trying to decide between a term and permanent policy, deciding how much coverage you need, why you need the coverage, as well as comparing rates can help you determine what will be best for your family. At we can help you compare term life and permanent life insurance policies. You can contact us or simply fill out our form below and we can help you find the best policy for you and your family.

Author: Liran Hirschkorn

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Liran Hirschkorn

Liran Hirschkorn is the founder of His mission is to help individuals across the country in finding the best rates on life insurance as well as helping individuals with high risk life insurance.

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