When Term Life is the Better Option
Term Life Insurance is issued for a specific period of time. The time frame typically ranges from 10, 15, 20, 30 and even 40 years. Term Life Insurance is a great way to obtain a large amount of insurance protection for a relatively low cost. This is typically used when a high level of protection is needed to cover large financial obligations such as the cost of raising children and college tuition.
Newly married couples will often obtain Term Life Insurance to protect their joint lifestyle. When taking ownership of a large debt such as a home, Life Insurance is used for Mortgage Protection. Term Life Insurance is a great way to cover a temporary need. Term Life Insurance is NOT Final Expense Insurance as it does not last forever.