Your Guide to Term Life InsuranceTerm life insurance is one option that you may want to consider!

Term life insurance is a basic kind of insurance that is inexpensive and relatively simple to understand. It gives you all of the coverage that you need and none that you don’t. That means you’re not paying for that extra stuff you don’t need. That’s why many people choose to go with this kind of insurance.

As the name implies, term life insurance lasts for a specific period of time (usually 10, 15, or 20 years). You really only need life insurance until you’ve managed to save enough money through some other account and retire, so be sure that you pick a policy that gives you enough time to save up for that time. If you pass during this time, your beneficiaries will receive the benefits known as a death benefit. This is unlike life insurance, which lasts your whole life.

Term life insurance can also be renewable or convertible. A renewal policy can be renewed or extended for additional terms and the premiums are usually more expensive because you are now older and are considered a high-risk client. Convertible policies can be converted into whole life insurance should you decide that the term insurance policy is not right for you and your loved ones.

Typically, term life insurance is cheaper than whole life insurance so the majority of people opt for this kind of insurance.

Choosing the right life insurance that’s right for you is the best thing that you can do for you and your family. For all of your life insurance inquiries, contact Scautub Agency for all of your insurance needs. Our Scotia, New York team can help keep you – and your wallet – safe.