If you have Life Insurance, you probably want to choose a term length. A 1-year term is an excellent choice if you are just getting started with life insurance, or if you’ve had a gap in your coverage. Ten-year terms are a great choice if you are close to retirement and your budget is tight. Twenty-year terms are best for families that are starting out and for those who need a secure financial future for their children until they reach adulthood.
In general, life insurance is a legally binding contract between you and an insurance company. It guarantees that, in the event of death, your insurer will pay a certain sum of money to your beneficiary. In return, you will pay a premium, either in monthly installments or a lump sum at the time of death, depending on the plan you choose. Life insurance can also cover your funeral expenses and provide money for college. It’s a great way to ensure your family’s future and the financial stability of your family in the event of a death.