The Rock Insurance Minnesota:
Term Life Insurance Minnesota
What is Term Life Insurance?
If you’re thinking about getting life insurance, you need to understand your options before selecting a plan. Term life insurance is one of the options commonly offered to those looking to purchase an insurance plan. It’s important to understand that term life insurance is only available for a set amount of time.
If you were to pass away after the period agreed to in the plan, your beneficiaries wouldn’t receive anything. However, if you passed away before the end of the term that was agreed upon, the beneficiaries would receive money from the insurance policy.
Term insurance isn’t the same as some of the other types of life insurance plans that are available, including whole and universal life insurance policies. You’d make payments each month and those payments wouldn’t be refunded if you were to live longer than the term that was agreed upon when you signed up for the insurance policy. While it may seem inconvenient, some people prefer this option because it’s typically more affordable than some of the other life insurance plans.
Term insurance is ideal for some people. For example, there are people who simply want to have the extra coverage just in case something happens to them while their children are still young. Once their children get older and are adults, they may not be as worried about having extensive coverage because their children are grown and already out on their own.
If you choose to renew coverage, your premium may start to increase, costing you more over time. As you get older, the chances of passing away are higher, which is one of the different reasons the insurance companies often increase the premium price after a renewal. Some older people feel like term insurance becomes a bit too expensive after a certain age.
Many people apply for life insurance because they want their loved ones to have financial coverage if something unexpected were to occur. However, the exact type of plan you choose to apply for will depend on numerous factors, including your current age, any medical conditions you might have, and the level of coverage you’re looking to get. Before agreeing to go with a specific plan, you’ll need to know how much you’ll be charged in monthly premiums as well as additional fees that are often included in the cost of coverage. When you are ready to look into your insurance options, give us a call. We service a large area of Minnesota including Burnsville, Brooklyn Park, and Maple Grove.