Westhill Consulting

Term life insurance: Coverage offers simplicity, flexibility

Referred to as the simplest option when it comes to life insurance, term life insurance like the name implies is insurance for a term. This means a time period as short as a year or as long as 20 or 30 years. Its sole and simple purpose is to provide a death benefit should you happen to die during the term of your policy.

It isn't as complicated like permanent life insurance that is a combination of insurance and an investment component. In term life insurance, your term life premium is devoted to life coverage only. You can select a higher death benefit with a lower premium if you are younger and in good health.

To prevent a financial difficulty for your family, start while you are young and just starting a family. Term insurance can be a better option because in this it can provide a relatively inexpensive way to secure the coverage you need to prevent a financial catastrophe. The term would assume financial obligations such as a mortgage and vehicle payments in the event of your death.