Get the Best Term Coverage at the Best Price.
A life insurance policy mainly serves as an income replacement for your loved ones in the event of your passing. When shopping for life insurance, you can pick from two basic policy types: permanent or term life insurance.
What Is Term Life Insurance?
Term life insurance guarantees financial protection for your family for a certain period — the term — before it expires. It’s meant to help replace your income if you die during your working years.
The team at All Things Insurance can help you find the best term life policy at the best price.
What Are the Benefits of a Term Policy?
When it comes to life insurance, a term policy should be your first choice. It’s the most affordable way to provide financial protection for your loved ones. Term life insurance is also simple and easy to manage. Plus, the policy lengths are flexible.
How Long Are the Terms?
Terms typically last from 10 to 30 years and are available in 5 or 10 year increments. You choose the length.
How Does it Work?
If you pass away before the term is over, your beneficiary gets a death benefit (tax-free) that he or she can use for housing, childcare, groceries, or other expenses.
If you don’t pass away during the term, nobody will get the death benefit. The premiums you pay are usually non refundable — unless you purchase a policy with a return of premium option.
What Are the Costs?
You pay a monthly or yearly premium to keep the policy in force. This premium (cost) is mostly based on your age and health at the start of the term. Increasing age or declining health can make it harder or more expensive to get a new policy as you grow older.
What Happens When the Term Ends?
When the term ends, the policy expires.
However, if your policy is renewable, you might be able to continue your coverage for another term, up to a certain age.
If your term policy is “convertible”, you might be able to convert it to a whole life policy.
Note: The conversion usually must happen within a certain time frame, so ask your agent for details on these policies.
Depends on age and health
Guaranteed Death Benefit?
Who Should Buy Term Life Insurance?
If your family (or any loved ones) depend on you financially or would accrue your debts when you pass away, you should have life insurance. A term policy is best for most people.
It’s essential to buy a term life policy if a major life event will be happening soon, like:
- Getting pregnant
- Getting married
- Taking on a mortgage
As you age and have fewer debts and dependents, you’ll likely need less coverage.
Buy Term Life Insurance in Minnesota
Working with a licensed insurance agent is the best way to get the right coverage for your loved ones if something were to happen to you. Have questions? We’ll help you determine whether a term life policy meets your needs.
All Things Insurance has access to the top life insurance companies in Minnesota. And, we serve all of the North Star State, including communities like Minneapolis, Saint Paul, Rochester, Bloomington, Duluth, Victoria, North Oaks, Minnetrista, Medina, Waconia, and Chanhassen.