Five Things to Know About Term Life Insurance

Term life insurance can provide for your family financially if you pass away unexpectedly. At The Select Insurance Agency in Coppell, TX, we offer term life insurance to give you and your family peace of mind. 

1. Term Life Insurance Lasts for 10 to 30 Years

A term life insurance policy lasts for a set period or term. Most policies last 20 years, but you can choose any 10 to 30 years term. If you pass away during this term, the policy will pay your family the death benefit. 

2. Death Benefit is Consistent Across the Term 

Term life insurance gives you a guaranteed death benefit. This benefit begins when the policy is active and remains the same as long as you have the policy. 

This makes selecting the right amount of coverage easy based on your family’s income and needs. 

3. Your Premiums Stay the Same 

Most term policies have a level premium. This means that your premium will stay the same. You don’t have to worry about your premiums rising as the years go by. 

4. There’s No Cash Value

A term policy doesn’t include a cash value component like whole-life policies do. However, term policies do have lower premiums than whole-life policies. 

5. After the Term, Your Policy Ends

If you outlive your policy, your life insurance ends at the end of the term. You may choose to renew the policy or choose a different life insurance policy if you still need life insurance.

However, premiums usually go up as you age, so you’ll likely pay more for the same amount of coverage. 

Term Life Insurance at The Select Insurance Agency

If you need life insurance in Coppell, TX, contact us at The Select Insurance Agency. We offer term and whole-life policies so that you can select the best policy for you and your family.