Guaranteed Level Term Insurance
Guaranteed Level Term life insurance is generally a low-cost option that’s designed to provide pure death benefit protection for a set period of time. The policyholder pays the premiums and if they die while the policy is in effect, their beneficiary receives the death benefit. There are several factors to take into account when looking for term insurance.
- How long do you need the coverage? Some people want term insurance just during their working years for loss of income. Others may need coverage to cover a business loan or even the mortgage on a house. Term life policies expire after a set number of years. They typically range anywhere from 10 years all the way to 40 years.
- How much can you afford? Term Life insurance is relatively inexpensive. Life insurance costs are determined by your health, age, coverage amount, length of the term and if you elect any riders. Your health is based off your height and weight, if you are taking any medications, family history, and risky hobbies or activities you are involved in. Your age plays a factor as well. Life insurance costs increase around 10% a year. Coverage amount- the larger the death benefit, the more you pay. Same with the length of term, the longer the term period, the more expensive it will be. Lastly, if you add any additional riders, that will increase the cost as well.
- Are living benefits a concern? Some companies offer living benefits. That means if you can not complete two of the six activities of daily living (eating, bathing, dressing, toileting, transferring, or continence), you may be able to access a portion of your death benefit early to help cover the cost of long term care.
Should the unexpected happen, your loved ones will receive funds that can provide financial protection when they need it the most. If you decide that term life insurance is the best fit for you, we at Pacific Insurance Group would love to answer any questions you have and help you begin the application process and get you the best coverage for your needs. You can contact our office at (425)246-4222.