Finances & Money

Term Life Insurance: What Is It And Why Do I Need It?

Life insurance is one of the first things you should be thinking about as you set off on your journey into adulthood. A problem that many people face is having a tonne of jargon thrown into their face and not knowing where to turn for help or information. Well, when it comes to life insurance, you may have heard of term life insurance and wondered “what’s term life insurance?”. To put it simply, it’s cover for the loss of life over a specified period of time. While it’s morbid to think about, you never know when you’re going to sustain an illness or injury that could potentially kill you, so looking at term life insurance quotes might just be something you’re interested in. Term life insurance cover can be anything from two to thirty years, so you’ve got a long period of time where you’re covered if you wish. But why do you need it? Here are some reasons that you might not have thought about for needing term life insurance, so check them out:

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Cover for your family if you become ill suddenly

We know that this is a subject that you may want to avoid, but have you thought about how your family would cope if you were to become gravely ill? If you’ve been given a set amount of time to live, then term life insurance is perfect for ensuring that your family get the help and support they need financially when you do pass away.

Even if you’re not ill (and of course, don’t plan on being ill), it’s also a good idea to take out term life insurance ‘just incase’. While you’re not wishing anything on your or your family, you just never know when something is going to happen. If you’re looking into making sure that your family could cope financially without you, this is the perfect chance to do so.

Perfect for those that have life insurance from other areas

You may already have life insurance from other areas of your life like your job. Some employers have their employees covered if the tasks are particularly dangerous, or you’re using machinery that could be dangerous if not used properly. Check with your employer to see if you’ve got any cover within your job to find out!

However, many insurance premiums don’t cover the cost of death as well as term life insurance does. While your family will get some help towards the cost of your death, it’s not as much as they would if you had term life insurance.

Great to fall back on when you’ve got a low income as the prices never change

One problem that many people face when they’re taking out life insurance is the worry of their premiums rising and not being able to afford it. With term life insurance, your monthly payments are fixed, so even if you find yourself in a sticky situation with your incomes, you can rest assured that you and your family are covered against the worst.

You can add beneficiaries to your insurance

You may be wondering what happens to the money when you die and who it will go to, and it’s understandable that if you’ve been paying for your life insurance for many years, that you want to money to go to the right person/people. Term life insurance offers the chance to not only add a beneficiary, but also add riders to your life insurance too so that if you wish the money to go to your children, then you can rest assured that it ends up in the right hands.

As you can see, there are plenty of reasons to consider term life insurance! Aside from the fact that you can be certain that your loved ones won’t struggle financially, you also have the added benefit of knowing that it isn’t going to cost the earth to cover everyone you love from the worst! Take a look and get yourself a quote today so that you can begin your cover as soon as possible!

 

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Susan Paige

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