What Are Some of the Immediate Benefits of Term Life Insurance?
When you are looking for rates for term life insurance, you will see that it is not only more affordable than cash value plans, there are also benefits that you receive immediately from your policy with Low Cost Life Insurance .
Stops When You Want it to Stop
Whole life and universal life insurance are expensive insurance products that combine both insurance and investing in one offering. Our recommendation is to purchase term life insurance and keep your investments separate from a cash value life insurance product.
Pays for College Tuition
In case of emergency, a term life insurance plan covers the remainder of the college tuition for your kids. It is possible to start a term life insurance policy before your kids enter school in order to insure that their educational needs are met in case anything happens to you.
Pays Off a Mortgage
A term life insurance policy will cover the rest of your mortgage so your loved ones do not have to worry about relocating if they cannot afford to pay it. Term life insurance will also help cover essential home expenses like utilities, repairs, and maintenance.
Covers Medical Bills and Funeral Arrangements
Having a long stay in the hospital is bad enough on your family, but it does not have to cost them as much as it would if you did not have term life insurance. Your policy will cover your expensive hospital bills and even take care of funeral arrangements.
Income Tax-Free
The benefits your loved ones receive from your term life insurance policy are tax-free. They receive all of the money without having to give any of it up for state or federal income tax.
Allows for Other Investments
Because term life insurance is solely for coverage and not for investing, you get to decide where the money you save on monthly premiums goes. You can invest in real estate, put it in your 401(k), or speak with a financial advisor to set up a hedge fund for your family.
Want to learn more about the benefits you can get with term life insurance? Contact us today with questions or for a free quote!
