3 Benefits of Term Life Insurance

At TruePoint Insurance, agents help the residents of Fisherville, KY find the right type of life insurance for their needs. Term life is an excellent choice for individuals who want to make sure that their final expenses are covered. It’s also an option if you want to have the policy mature within a specific period. A term life policy offers a variety of benefits that other types of life insurance don’t.

Specific Time Frame

Term life insurance is written for a specific number of years. Each payment is used to add equity to the policy until it matures at the end of the designated term. Term life policies can be written for 10, 20, or 30 years, depending on how big the plan is and how much you want your monthly premiums to be.

Builds Usable Equity

As you continue to make your payments, the equity in the policy continues to grow. Once the equity has reached a certain amount, you may have the option to borrow against it. This is an excellent option if you have an emergency and need access to cash. You can then pay the loan back by paying an additional payment every month, or additional payments can be added to the end of the term.

Lower Payments

One of the primary benefits of a term policy is that the monthly premiums are much smaller than a whole life policy. The longer the term, the lower the monthly payment.

If you live in the Fisherville, KY area and have questions concerning term life insurance, call the agents at TruePoint Insurance and schedule an appointment. They will go over all of your questions and make sure you have the answers you need to make an informed choice.