Check Out Our Term Life Insurance Rates

Term insurance can be useful for persons with low incomes and high insurance needs, often occurring because of family obligations. Good risk management principles suggest that the family unit should be protected against catastrophic loses. If the current income level does not permit the individual the option of purchasing whole life or other, higher-premium forms of cash value life insurance in sufficient amounts, the individual arguably has no choice but to purchase term if he or she is to provide adequate financial protection. Term life insurance can also prove useful for persons who have placed substantially all their resources in the assets of a new business that is still in its formative stages and where death would result in serious loss to, if not destruction of the invested capital. New enterprises are particularly speculative and become more settled only as time elapses. Term insurance can serve a useful purpose because of its low early dollar outlay in the initial stages of such undertakings. Many persons use term insurance as a supplement to an existing life insurance program during the existing child-rearing period. It has been suggested that term insurance is particularly appropriate to use as a hedge against a financial loss already sustained and where a little time is required to repair the damage. A Term life insurance policy is naturally suited for ensuring that mortgage and other loans are paid off on the debtor/insured’s death and as a vehicle for ensuring that educational or other desired funds will be available if death were to cut short the period needed for the provider/insured to earn the needed funds. Term insurance is also a natural for all situations that call for temporary income protection needs.