Term Insurance Pro's & Con's
Have you ever purchased a term insurance policy that you did not keep? Do not worry you are not alone, the number one reason that people purchase term insurance is because it's affordable. Many cancel it because they do not understand term coverage. Let's explore some of the pros and cons of purchasing term insurance. Pro's: 1) Affordability~ You can get a large amount of coverage at an affordable rate. 2) You can choose the amount of time you are seeking coverage. - Examples: 10, 15, 20, 25 or 30 years 3) Can use the policy to meet specific needs. If a person has a 20-term mortgage they will get a term policy for 20 years and at that time the mortgage is paid off and the term policy is no longer needed. A great way to ensure that your significant other can afford to keep your home if the unthinkable happens. Con's: 1) Cost increases significantly at the end of the chosen term. If you can not afford the cost of the insurance will terminat...