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Insuring Your Home

When we started thinking about buying a home, I realized that we had a boatload of work to do. I knew that we needed to save up a down payment, talk with a mortgage broker, and most importantly--figure out what we were doing about homeowners insurance. Fortunately, a friend of mine told me about a great insurance broker in our area who handled that kind of thing. We met with her to talk about our options, and before we knew it, we had found a policy that really melded with our budget and lifestyle. This blog is all about insuring your home.



3 Reasons People Choose Term Life Insurance

If you are interested in buying a life insurance plan, you might want to evaluate your options. You can choose from several life insurance types, but the most common type is term life insurance. Term life insurance is popular because of its benefits, and here are the top three reasons people choose this type over others.

1. It Provides Coverage When You Need It the Most

A term life insurance policy is unique in one way – it lasts for a stated time. When you buy term life, you choose the plan's timeframe. If you want coverage for 10 years, you can choose a 10-year plan. If you want it for 20 years, you choose a 20-year plan. You can also choose from other options for timeframes. The benefit is that your policy covers you when you need it the most. If you have a 20-year policy, it provides death benefits to your beneficiaries if you die within the 20 years. During this time, your family may need the money more than any other time. They may need it to support your children, pay off your home loan, or pay debts.

2. It Is More Affordable than Other Types

The second reason people choose term life is for the costs. If you compare the costs of term life insurance to other types, you will find that this is the most affordable option. The reason for this is because the risks are lower for the insurance provider. If you have coverage that only lasts for 10 or 20 years, the insurance company might not have to pay your death benefits. The risk of you dying during this time is lower than your risk of dying after the timeframe ends. Therefore, you can get the coverage you need for a lower price through term life.

3. You Can Renew or Convert It

The other reason people choose term life is that they can renew or convert it if necessary. If you outlive your life insurance policy, you can change the policy to reflect your new risks. For example, you might be able to convert it to a whole life insurance policy when it ends. You will have options to choose from, and you can ask a life insurance agent about these.

Of all the life insurance types you can choose from, most people prefer term life. If you are interested in learning more about your options and the costs, talk to a life insurance agent today.