Why Buy Term Life Insurance?

Sufficient cover at highly affordable prices. That’s what term life insurance can offer you and your family. Most of the times, the period in which you cannot afford not to have life insurance coverage is also a time when you can least afford it. Usually, when you are just starting your family and establishing your home, you are in a higher level of debt (i.e. a new mortgage), your children are still dependent on you and you may not have enough savings yet to provide a buffer in the event of your untimely death.

But with term life insurance, you can actually afford to get the coverage you need!

Term Life Insurance is affordable

Term life insurance is the cheapest type of life insurance, particularly for the young and healthy. For the same amount of premiums, you can enjoy a higher level of coverage as compared to other types of insurance such as whole life or endowment type insurance.

Term Life Insurance provides protection when you need it

You can program term life insurance to provide coverage for a specified number of years. During this period, you have the coverage you need. For instance, you can select the period that corresponds to when you need the insurance protection – while your children are still in school and are not yet financially independent and while you are just in the process of paying off debts (such as your mortgage). There will come a time when your mortgage is fully paid off, your children have finished their schooling and you have enough savings (or retirement funds) to ensure your financial security. At this time, your life insurance needs should taper off.

Term Life Insurance can be convertible

When designed properly, term life insurance may be convertible to a permanent life insurance policy at a time when you are able to afford the premiums of permanent life insurance. You can convert to a permanent life insurance policy without the need for showing further proof of insurability such as having to take a medical examination. You are assured of continued coverage and the same premium ratings, even if your health condition makes a turn for the worse.

Term Life Insurance is simple and straightforward

Even if you don’t consider yourself financially savvy, term life insurance is pretty simple to understand, as compared to more complicated policies such as universal life, variable life or even whole life insurance.

Term Life insurance is like getting peace of mind at premiums you can afford! The loss of a loved one is devastating – not just emotionally but financially. And even though we may not like to think about it, the unexpected and the undesirable may happen to us. Prepare your family from the financial blows of losing an income earner.  With term life insurance, you have the comfort of knowing that your family is financially secure, even when you are no longer there.

To secure your family's future, fill in the form on the right and get your term life insurance quote now.

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*Scottish Provident 2012 life cover claims paid report.