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Young FamilyMany young families consider life insurance as a way to protect the financial future of their loved ones. But the decision to buy life insurance can lead to additional important decisions — including which type of policy you wish to purchase. The two main types of life insurance are term life insurance and permanent life insurance. In this article, we'll explore what term life insurance involves.

Term life insurance is much like renting an apartment; you sign up for a predetermined amount of time, during which you exchange a monthly premium for coverage. You can often select a term between one and 30 years, depending on the policies offered by your insurance provider.

If you pass away during your term, the insurer pays out benefits to your loved ones. And if you outlive your term, you may be able to renew your coverage — although your eligibility and new premium rates will be determined by the condition of your health.

For those who will need coverage for a while, choosing a longer term is often beneficial because it allows you to lock in premium rates for the duration of the term. Why is this helpful? The older you get, the more you're likely to pay for life insurance. So, locking in a rate for 30 years is often more favorable than renewing at a higher rate after 10 years.

Additionally, you can use term life insurance on top of a permanent policy in times of greater financial need, such as while raising young children. This supplemental coverage can provide your family with more financial protection for a reasonable rate. In fact, term life insurance often costs less than your monthly internet bill.

Ready to learn more? Call Fleming & Riles Insurance at (800) 833-4379 for more information on Albany, GA life insurance.
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