We are excited to announce that September is Life Insurance Awareness Month. Each September, SelectQuote, along with insurance companies across the country, partners with non-profit organization Life Happens in an industry-wide campaign to educate Americans about the critical importance of life insurance. Over 70 insurance organizations are celebrating Life Insurance Awareness Month this year.
To celebrate, SelectQuote will answer the most commonly-asked questions about life insurance throughout September. What is term life insurance? When to consider term life insurance and what are the benefits to you and your family? How much term life insurance coverage do you need and how long should your coverage last?
Knowing the answers to these questions will help you understand the value and need for life insurance sooner, rather than later.
First off, the value of term life insurance.
Term life insurance provides coverage for a specific period of time and is the most flexible choice of life insurance. People generally select the term of the policy—10, 15, 20, 25 up to 30 years. Coverage can be stopped without a penalty and the carrier cannot cancel the policy during its term as long as the premiums are paid. Most life insurance companies also allow you to convert to permanent insurance during the term. Since the term itself limits the period of time the insurance carrier is responsible to cover you, the carrier reduces its risk and your cost, potentially saving you hundreds of dollars per year over other life insurance options.
Like any major life decision, compare your options. Different life insurance companies offer different rates based on a variety of risk factors. Knowing and comparing your options will ensure you receive the lowest premiums for the highest amount of coverage possible.
Be on the lookout for more insightful insurance articles this September during Life Insurance Awareness Month. Here are a few other informative insurance articles to help get you started.
Curious how SelectQuote, Americas #1 independent term life sales agency, can help you find a life insurance policy thats right for you? We impartially shop the highly rated insurance companies we represent to find you the right term life policy to fit your budget and your needs. Start a free quote.