Is Term Life Insurance Right For Me?

Introducing Evertree Mountain States

Making sure your family is taken care of financially in the event of an unexpected death can be difficult. Knowing what type of life insurance is right for you and your family is essential. Keep reading to learn more about term life insurance in Arvada, CO and how Evertree Mountain States can help.

Understanding Term Life Insurance 

Term life insurance is a temporary policy with coverage over a specified period, such as 10 or 20 years. The beneficiary will receive a lump sum payment if the insured dies during this period. After the term ends, however, there is no coverage and no value in the policy other than what has been paid into it. 

Pros Of Term Life Insurance 

The primary benefit of term life insurance is affordable coverage over a specific time. It can also provide protection while someone pays off debts or provide income replacement if they become disabled or unemployed due to an illness or injury. Additionally, some policies may offer return-of-premium features that allow policyholders to get back all premiums paid if they outlive their policy’s term. 

Cons Of Term Life Insurance 

One potential drawback of term life insurance is that it does not build cash value and cannot be used as an investment vehicle as whole life insurance can. Additionally, if the insured dies after the term expires, their beneficiaries will not receive any death benefits from the policy; this means that if you outlive your policy’s time and still need coverage, you will have to purchase a new one at potentially higher prices due to age or health conditions. Lastly, premiums are usually more expensive for younger individuals who buy long-term policies.    

Ultimately, deciding whether or not term life insurance in Arvada, CO is suitable for you depends on your circumstances and goals. Contact Evertree Mountain States today to learn more!

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Are you ready to save time, aggravation, and money? The team at Evertree Mountain States is here and ready to make the process as painless as possible. We look forward to meeting you!