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Term Life Insurance

Who takes care of your family if you are not there?

Term Life Insurance from Doyle Assurance Group has the answer. It’s protection on your terms. Get an affordable life insurance option that can protect your loved ones for a specific period. We can help you find the coverage you need.

A term life insurance policy will ensure your kids can pay for college and your family can cover daily expenses and emergency medical costs. You determine the exact amount of coverage you need, and we can help you figure out the best carrier, term life insurance rates, and packages.

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Top Benefits of Term Life Insurance

Affordable Life Insurance

You pay only for the insurance you need and when you need it. Term life insurance has lower premiums, making it ideal for budget-conscious individuals. It also affordably protects dependents.

Choose Your Terms

Choose coverage and term length (10, 15, and even 30 years) that aligns with your financial goals. Cover long-term and predicted expenses for a brighter future for your growing family.

Get Tax Benefits

Your beneficiaries can receive tax-free death benefits after you pass. Leave a lasting and financially strong legacy rather than money trouble.

Tailored Coverage

Customize term life insurance coverage to meet critical needs and accommodate life events. This includes mortgage payments, college payments, and more.

Affordable Insurance Option

Term life insurance quotes are affordable compared to full options. There is no cash value build-up or set timelines, lowering insurers’ risks.

Best for Young Families

It is ideal for young families needing temporary and affordable coverage. Choose a policy covering the years your dependents need your financial support.

How Term Life Insurance Works

Term life insurance is a simple contract between insurance carriers and policyholders. You pay premiums for a set duration (between 10 and 30 years) and receive a cash benefit for chosen beneficiaries. Unless premiums are paid with pre-tax money, the benefits are tax-free.

As the policy owner, you pay regular premiums according to agreed-upon terms. In return, the insurance company offers a death benefit. This benefit is available if the insured individual passes within the term.

Choose the Best Term Life Insurance

The ideal life term insurance package covers the duration you need it for. Policyholders with small children typically choose a long-term option that covers the years until their children are fully grown. You can also get multiple policies to match different needs and life events.

Simple and Affordable Financial Protection

A portion of your term life insurance premium builds cash value. You can access and borrow against it for additional financial security. Get straightforward financial protection for yourself and your family when needed.

Convert Insurance Terms When Needed

As your life evolves, adjust your coverage as needed. Term life insurance gives you flexibility and protects your family at a lower cost. Lock in lower premiums and the best term life insurance rates while you’re young and in good health.

FAQs

What is term life insurance?
Term life insurance provides coverage for a specified period, usually between 1 year and three decades. If the insured person expires within this period, the policy pays a tax-free death benefit to the named beneficiaries. Unlike permanent life insurance, term life policies do not offer investment components or build cash value over time.
How does term life insurance differ from whole life insurance?
They mainly differ in their duration and features. Term life insurance covers periods such as 10, 20, or 30 years, and does not collect cash value. On the other hand, whole life insurance offers coverage for the policyholder’s entire lifetime and accumulates cash value, which is accessible and can be borrowed during the policyholder’s lifetime.
Who should get term life coverage?
Term life coverage is well-suited for individuals who need temporary protection. This includes parents with young children, homeowners with mortgages, or anyone with dependents who require affordable financial support in case of an unexpected death.
How are term life insurance premiums set?
Term life insurance premiums are based on several factor, including the policyholder’s lifestyle, their age, health, term duration, and coverage needed. Typically, younger and healthier individuals are charged lower premiums since they present a lower risk to the insurer. The coverage period length and total coverage amount also impact premium costs.
Can I extend my term life insurance policy after it expires?
Most term life insurance policies can be extended once the initial term ends. However, renewal premiums are often higher, reflecting your increased age and changes in your health status.
What happens if I outlive my term life insurance policy?
In this case, the coverage expires, and you won’t get any of the premiums back. Your options may include renewing the policy, converting it to a permanent life insurance plan, or simply letting it end.
Is the death benefit from a term life insurance policy tax-deductible?
Typically, the death benefit from a term life insurance policy is tax-free. This means that beneficiaries receive the full amount without paying taxes on it.
Can I switch from a term life policy to a whole life policy?
Yes, many term life insurance policies can be switched to a whole life policy or other types of permanent insurance. This can be invaluable if your coverage needs to evolve and you require long-term protection.
What should I keep in mind when deciding on the length of a term life policy?
When choosing the term length, consider your age, financial commitments, and how long you expect these obligations to last. For instance, parents might prefer a term that covers them until their children are financially self-sufficient.
How can I decide on the right coverage amount?
Determine your financial situation and future needs. This includes your current income, debts, costs for your children’s education, and other future financial goals. Choose a coverage amount that is 5 to 10 times your yearly income. A financial advisor who can help you customize your coverage as per your needs