Locking in Security | Term Life Insurance
How do I determine the right amount of term life insurance?
To choose the best term life insurance, consider how much money your family would need if you were gone. Include your monthly living expenses and any debts like loans or mortgages. If you have a partner, make sure both of you are covered. Consider extra costs, like childcare or settling an estate. Use our quote tool to help estimate the coverage you need.
Can I hold more than one term life insurance policy?
Yes, you can have more than one term life insurance policy. Many people have coverage through both workplace and individual policies. However, it might limit the total amount of coverage you can get.
When is term life insurance a good choice?
Term life insurance is excellent for those who need coverage for a specific period, like while their children are financially dependent or until a mortgage is paid off. It’s also a good option if you want to ensure your beneficiaries are financially secure in case of your unexpected death.
When should you consider buying term life insurance, and why?
Look into term life insurance rates and buy when you’re younger because premiums are generally lower. However, you can purchase the best term life insurance policy at any age. Buying early saves money and locks in coverage while you’re in good health. Additionally, having a term policy can provide peace of mind, knowing your loved ones will have financial support if something unexpected happens.
Do term insurance plans include riders?
Many insurance providers offer riders term insurance plans for optimal coverage. Riders add extra benefits, offering more protection for your long-term security. Common riders include:
- Accidental Death Benefit Rider: Provides an additional payout if you die in an accident.
- Critical Illness Rider: Offers coverage if you’re diagnosed with a serious illness like cancer or heart disease.
- Waiver of Premium Rider: Waives your premiums if you become disabled and can’t work.
Before adding riders, assess your needs to ensure they provide the right benefits for you.
Can the premiums for my term life insurance change over time?
Yes, premium term life insurance rates can change. Riders, like critical illness coverage, may increase your premiums. Changes in your health or lifestyle, such as smoking or risky hobbies, can also affect rates. If your policy allows renewal, premiums might rise when the term ends, as they are recalculated based on your current age and health. At Doyle Assurance Group, we review policies regularly to ensure our clients can make informed decisions.