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Why buy life insurance?
Life insurance offers a financial safety net for your loved ones if you were to pass away unexpectedly. Having life insurance is vital to protect those who matter most to you. However, navigating all your options can be overwhelming, so consider letting SelectQuote help. We’ll shop trusted life insurance companies on your behalf, compare prices and coverage, and provide options based on your unique needs. We’ll also answer any questions you have about the life insurance application process so you can feel informed and confident going forward.
Why Life Insurance is Worth It
While cost is certainly a factor to consider when purchasing life insurance, the right policy is an investment that’s more than worth the peace of mind it provides. The type of coverage that’s right for you will depend on your personal situation and goals. There are two main categories of life insurance: term life insurance and permanent life insurance. Term life insurance is popular for its affordability and flexibility, as you only purchase coverage for as long as you need it, typically a 10-, 15-, 20-, 25- or 30-year term.
Permanent coverage, on the other hand, is designed to last your entire lifetime. While usually more expensive than term coverage, permanent policies offer a cash value component that grows over time and can be used as a savings or investment tool, making it a great option for those who want to add an enhancement to their financial portfolio. Whether you choose a term or permanent policy, life insurance coverage will provide much-needed safety and protection for those closest to you.
What happens if you outlive your life insurance?
If you outlive your term life insurance policy, it’s important to understand that the policy doesn’t necessarily go away, but rather the rate you were paying for it does. After the term period ends, you can usually continue your policy on a year-to-year basis but at a much higher premium. There are a couple different options for you to take when your insurance coverage is about to expire:
- Keep Your Policy: Keeping your policy may be a good idea for someone who is in poor health. However, life insurance gets more expensive as you age, and it’s typically a good idea to consider all of your options instead of accepting a much higher premium. We can help you explore your different options when your term policy ends, whether it’s no medical exam insurance, final expense insurance, or another option altogether.
- Shop Around: It’s always beneficial to shop around even before your life insurance policy expires. Because the cost of your existing policy will likely increase, we can help you make sure you’re still receiving the coverage you need at a price that fits your budget.
- Convert Your Term Policy to a Permanent Policy: While term life insurance provides affordable coverage, the policy does eventually end. Many term life insurance policies, however, are able to be converted into a permanent life insurance policy, such as whole life insurance, without having to complete another medical exam or health questions if done by a certain age. Learn more about converting a term policy into a permanent policy.
Still have questions? We’re here to help:
Plan for Your Future with SelectQuote
Buying life insurance is an important step to keeping your loved ones safe and financially secure. However, with so many options available, it can be difficult to know where to start. That’s where SelectQuote comes in. In just minutes, we’ll search a variety of trusted insurance carriers for you, taking the guesswork out of your hands and matching you with coverage that’s right for your needs and budget.
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