Term Insurance
Term Insurance is life insurance you can purchase that covers you for a limited, specific amount of time — five, ten, or twenty years, for example — at a fixed rate of payment. Should the insured die during that term, the death benefit is paid to their beneficiary. Term insurance is often the least expensive way to purchase a substantial death benefit in a cost-effective manner.
Costs vary depending on several parameters, like age, health, and other relevant demographic information. They also vary among life insurance companies, as illustrated in the table below.
Below are just a few of the term insurance-related problems we’ve been able to solve for clients. Click the silver bar for each problem to learn more about how we can solve them.
Determining Adequate Coverage Amount
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High net worth individuals and families often struggle to determine the right amount of coverage needed to protect their family’s financial future. We can perform a comprehensive needs analysis, ensuring the term life insurance coverage adequately meets your dependents’ needs in case of untimely death. |
Balancing Cost and Coverage Duration
Finding a balance between affordable premiums and the desired coverage duration can be challenging. Your advisor can help you choose a term length that aligns with your financial obligations and goals while ensuring the premiums remain manageable within your overall budget.
Integrating with Long-Term Financial Goals
Ensuring that term life insurance fits seamlessly into long-term financial plans and goals can be complex. Your planner can provide guidance on how term life insurance complements other financial strategies, such as retirement planning and estate planning, to create a cohesive financial plan.
Conversion Options and Flexibility
Understanding the conversion options and flexibility of term life insurance policies can be confusing. A trusted advisor can explain these features and advise on when and how to convert term policies to permanent insurance, ensuring that you maintain coverage as your needs evolve.
Coverage Gaps and Renewal Concerns
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Prospective clients often worry about coverage gaps or the high cost of renewing term insurance as they age. An advisor can review existing policies, recommend strategies to avoid coverage lapses, and help explore alternatives, such as laddering policies, to maintain adequate protection over time. |
Wondering what the best Term Insurance option is for you? We can help you find out.
If you’re interested in working with us, you may call and text us at (781) 237-0123, or scroll down a little and schedule an introductory appointment with a financial advisor by clicking on a date that works for you on the calendar.