Term Life Insurance in Orlando, FL
Life is full of uncertainties, but planning ahead may provide your loved ones with financial assistance when you’re no longer around to support them. Term life insurance is an affordable way to provide financial support in case of your death.
What Does Term Life Insurance Cover? 
Term life insurance may provide financial assistance to beneficiaries if the policyholder passes away during the policy’s term. The payout, known as the death benefit, can be used for various expenses such as mortgage payments, daily living costs, outstanding debts, college tuition or final expenses. This coverage may ease the financial burden on your loved ones at a difficult time.
How Does Term Life Insurance Differ From Permanent Life Insurance?
Term life insurance may be in effect for a specific duration, usually 10, 20 or 30 years. If the policyholder outlives the term, coverage will end unless it is renewed or converted to a permanent policy. On the other hand, permanent life insurance lasts a lifetime and includes a cash value account that can grow over time. Term life insurance is often more affordable, making it a popular choice for individuals looking for coverage during key financial years, such as while raising children or paying off significant debts.
How Much Term Life Insurance Do I Need?
The proper amount of coverage needed varies for each individual. Generally, it’s good to consider factors like the following:
- Outstanding debts (e.g., mortgage, credit card debts, student loans)
- Final expenses (e.g., potential medical bills, funeral costs)
- Financial needs of dependents (e.g., children’s education costs, spouse’s retirement needs)
A common guideline is to have coverage at least 10 times your annual income, but a detailed assessment of your situation can help determine the right amount.
Secure Affordable Life Insurance
If you’d like to learn more about term life insurance and finding the right policy, contact YIM Insurance Group today. Our team is here to guide you through your options and can help customize your ideal policy. Get Covered Today!