Term Life Insurance

Term Insurance is the simplest and usually least expensive form of life insurance. The insured pays fixed yearly premiums and his or her beneficiaries get paid only if death occurs during the term of the policy, which is usually from one to 30 years. Most term policies have no other benefit provisions. Longer “term” policies have higher premiums than shorter policy terms. In a level term policy the premium remains the same throughout the duration of the policy.

The advantage of this kind of policy is that when a person is young and has a small chance of dying, the yearly premiums are relatively inexpensive. This is a good kind of policy for someone who wants family members to be protected if he dies, unexpectedly, before he finishes his mortgage payments, college tuitions, etc. A young person might also decide that he only needs protection for a limited time because he assumes that after the “term” number of years he will have saved enough money for retirement or paid off enough of his expenses to ensure the financial stability of his beneficiaries when he dies.

Term life insurance is often unavailable, or only available at astronomical cost, for older people because as the probability of death rises, the insurance company must charge enough money on the policy to cover the inevitable payout.

At Peak Benefits & Insurance Solutions we can help you decide which kind of insurance is right for you.There are many quality and affordable plans available so you can live with peace of mind.

Remember that life doesn’t come with guarantees, but our life insurance plans do.