Term Life Insurance is life insurance which provides coverage for a specified amount of time or the "term." After the "term" of the initial policy period you can either cancel the policy or pay an annual premium to continue coverage. These premiums will increase annually after the initial term. In the unfortunate event that you die during the term, any death benefit would be paid to your designated beneficiary.
Term Life Insurance is usually the most inexpensive way to buy substantial protection because it does not accrue a cash value as you would with Whole Life, Universal Life, or Variable Life. This coverage is primarily used to cover any remaining financial responsibilities such as debt, dependent care, funeral costs, mortgages, and education or care for surviving dependents.
There are different types of Term Life Insurance. An "Annual Renewable" policy with a single year term will need to be renewed each year for a different premium amount. Your other option is to select a specific term for coverage. The most common terms for this type of insurance are 10, 20, and 30 years. This would guarantee your premium will be the same for the whole term. Understandably, the longer the term you choose, the higher your premium will be. This is because you will be guaranteed a set premium which accounts for your progressing age during the term of the policy.
P - 801-961-1099
F - 801-961-1093
info@burnsideinsurance.com
Affordable Insurance From:
Burnside Insurance Group, LLC
299 So. Main Street, Ste 160
(Wells Fargo Center)
Salt Lake City, UT 84111
Mon - Fri 9:00 - 5:30
Evenings/Weekends by appointment
Contact Brian Burnside today to find what type of life insurance fits your needs. We will review your needs and help you purchase a policy that will protect the people and things most important to you.
We can give you an intial quote with just the information above. You may be surprised at just how affordable our life insurance policies can be.
Other Important Insurance Topics:
