When you need life insurance, there are a couple of different kinds to choose from. Each of them has its upsides and downsides. One of these is term life insurance, which is an essential type for many people. It’s a type of insurance that leaves a death benefit for your beneficiaries after you’re gone. When you have one of these policies, you can leave something behind for those needing it. Call us at Mid Atlantic Insurance Financial in Laurel, MD to get your life insurance policy.
A Set Time Period
Term life insurance gets its name for the amount of time that the policy is in effect. It’s suitable for a term of time. This specific term is decided up front and written into the policy. In most cases, the policy is in effect throughout that term of time. When the term, such as 10 or 20 years, ends, the policy will be expired. Once this happens, you’re no longer covered. If you still want life insurance, you must start over and get a new policy. There is also no cash value to this type of life insurance that you can borrow against as with whole-life policies.
So many people choose this type of life insurance because it costs less than the other type of policy. The cost of term-life policies is often relatively low. This makes it more affordable for a wide range of people. Many people can’t afford a whole life policy, but they find term life much more affordable.
Get Your Life Insurance Policy
If you don’t have a life insurance policy or want more coverage, we’re here to help. Call us at Mid Atlantic Insurance Financial in Laurel, MD to learn more.