Best Term Life Insurance explained in Arizona & Ohio
As covered on the main Life Insurance Basics page, there are some basic coverages that can be customized to meet your basic protection needs. The right coverage for you in Arizona or Ohio is unique – talk to us today at PJS Insurance Services or start a Free Life Insurance quote and find out how to protect your family and your future with the right life insurance.
"Term life insurance is a relatively inexpensive way to provide money for your family if you die."
For Families in Ohio and Arizona – What’s Peace of Mind Worth to You?
Imagine a world without yourself in it. Would your family need help paying the bills? Term life insurance can help you bridge that gap at a relatively low cost. If you die while the policy is in force, you’ll leave behind a lump sum of cash for whomever you choose.
Since term life insurance doesn’t last forever and has no investment component, it’s typically much cheaper than whole life insurance.
The following article is an excerpt that is attributed to the author Georgia Rose posted on Nov 15, 2021 and appears on Nerdwallet. It is meant to start the conversation in protecting those that rely on you. Additional comments were added.
How does Term Life insurance help families in Arizona & Ohio?
Term life insurance is a contract between you and an insurance company that lasts for a specific period of time, such as 10 or 20 years. In exchange for your premium payments, the insurer pays a death benefit to your life insurance beneficiaries if you die during the term of the contract.
Unlike whole life and other types of permanent life insurance that last your entire life, term life insurance expires when the term ends. If you still need life insurance, you may be able to renew your policy, convert it to permanent coverage at a higher premium or buy another policy.
Term life doesn’t build cash value that you can borrow against, like permanent life insurance does. This is one reason term life is cheaper than whole life. With term life, you generally just pay for the potential death benefit; with whole life, higher premiums are needed to grow cash value.
Term life is a good policy to buy if you:
Want low premiums coupled with a large payout when you die.
Want to cover expenses that eventually end, like paying off your house or sending your kids to college.
Do you need term life insurance?
If no one depends on you financially and your death would not be a financial burden on your family, you may not need life insurance. But if someone you care about will need money if you die, term life insurance may be right for you.
Term life insurance policies often last for 10, 20 or 30 years, but some insurers have terms available in one- and five-year increments. If you’re a breadwinner in your family, you can choose a term that matches the years your family will rely on your income, such as the remaining years you’ll have mortgage payments. If you’re a stay-at-home parent, you may want term life insurance to cover services you provide now without payment, such as child care. Your family might need to pay someone to handle these tasks if you were gone.
If you expect your needs will change over time, you can have more than one life insurance policy, giving you extra coverage during the stages of life when you need it most.
Ideally, by the time your coverage ends, you’ll no longer need life insurance. Your children will be grown, your mortgage will be paid off and you’ll have enough savings to be financially secure.
If you buy term life insurance and then decide you need lifelong coverage after all, many policies will allow you to convert your term life policy to permanent insurance. Your premiums will go up, but you can stay insured without having to prove you’re still in good health. Some policies allow conversion at any time, while others permit it only in the first few years of coverage.
The necessity of term life insurance depends on your own personal and financial needs. At PJS Insurance Services we assist and help you determine the type and amount of term life insurance that is appropriate for you and your family in the State of Arizona & Ohio.
Serving Mesa, Gilbert, Queen Creek and the state of Arizona. PJS Insurance Services should be your first and last stop when looking for Arizona Term Life insurance.
There is a difference. To find out how our Independent insurance agency can help you find the Best Term Life insurance Gilbert AZ, please contact PJS Insurance Services. Give us a call today at (602) 750-0616.
Experience the difference. To find out how our Independent insurance agency can help you find the Best Term Life insurance Toledo OH, please contact PJS Insurance Services. Give us a call today at (419) 318-9130.
Life Insurance in Arizona or Ohio-have more questions?
Feel free to go to the main Life Insurance Basics page for more information. There are a lot of different types of coverages for a lot of different types of households. Here to help with the lowest prices from the best companies.
Select your choice below for additional information and coverage options to customize your plan or send me your questions here.