September Is Life Insurance Awareness Month!

Happy Life Insurance Awareness Month! Throughout this month we will be answering the questions for you that arise most often about term life insurance: Who, What, When, Why, and How Much – for starters.
What is term life insurance? Who needs term life insurance? Why do you need term life insurance? How much coverage do you need? How long should your term life policy be in place? When should you get term life insurance? What are the benefits of term life insurance? What are some of the myths that seem to surround the subject of term life insurance?Knowing the answers to these questions will help you better understand your need for life insurance and why it is usually to your advantage to get term life insurance sooner in life, rather than later. First and foremost, it is important to understand what exactly term life insurance can offer you.
Term life insurance is a type of life insurance where you purchase your coverage for only as long as you feel that coverage is warranted. It is often the most affordable choice among the various types of life insurance products.
You select the term of the policy—10, 15, 20, up to 30 years. Since the term itself limits the period of time the insurance company (often referred to as the carrier) is responsible to cover you, the carrier reduces its risk and your cost, potentially saving you hundreds of dollars per year over other options. Term life insurance, where the premiums are fixed, is called “level” term life insurance.
Term life is the most flexible choice of life insurance. You can stop coverage without penalty, but your carrier cannot cancel the policy during its term as long as you pay the premiums. Most insurance companies will allow you to convert to permanent insurance during the term. Or, at the end of the term, you may be able to elect to renew your policy with an adjusted premium—without a new medical examination, no matter how the state of your health may have changed. For even more information about what term life insurance is, visit
Like any major purchase or decision, it is best to compare your options. Different term life insurance companies offer different rates based on different risk factors (like age and weight) and a variety of other conditions. Comparing your options will help insure that you get the lowest premiums for the most amount of coverage possible. It’s instances like this that using an independent insurance agency, like SelectQuote, can help you compare companies, policies and rates …. it is a smart decision.

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