Term life insurance rates are more affordable than whole life insurance because they offer protection for a set period of time. By comparison, whole life policy premiums are higher because the policy pays out no matter when you die.
Term life insurance is easy to understand, thus making it simple to shop around to compare rates. The three main decisions when it comes to term insurance: coverage amount, length of term and insurance company preference.
3- More Flexible!
There are many options when it comes to term life insurance. Coverage can last as little as one year with an annual renewable term or up to 30 years of locked in protection. This is an excellent way to cover your mortgage and your children’s college tuition in the event something was to happen to you while paying off debts.
4-Great for Young Families!
With term life insurance generally being less expensive than whole life policies, it’s a better value for young families. Many young families are financially stressed, shouldering the costs of caring for small children, a mortgage, perhaps an auto loan, saving for college and retirement and other expenses. Term life insurance can provide peace of mind without gutting your wallet.
Call your dedicated Michigan Term agent at 1-888-242-9644 to discuss the multiple options of term life insurance or click here to request a quote today!