What is Term Life Insurance?

When it comes to personal financial planning, term life insurance is one component that is critical to managing your finances and family affairs responsibly. The primary purpose of term life insurance is to protect your loved ones against financial loss by providing a generally federal-income-tax-free death benefit once you are gone. Along with the death benefit, there are many other advantages to term life insurance.

Why is Term Life Insurance Important?

Life is unpredictable, so it is important to be prepared. Term life insurance is the perfect way to help protect you and your family from the unexpected. A solid life insurance policy will help take care of your family financially once you are gone, as well as assist you during other twists and turns your life may take. Whether you are single, married, just starting a family, or retired, term life insurance is a tool that can help you and your loved ones during many critical times in your life.

Your insurability is based upon various factors including your health and age. It is a generally accepted notion that younger people will have lower premiums. However, an often-overlooked fact is that starting a policy earlier in your life could guarantee your insurability later in life. There is no better time to purchase a life insurance policy than today.

To obtain a quote on term life insurance, please complete our Life Insurance Quote Request Form. Fax the form to Bob Wolf at 213-576-8563.

Important Considerations

To Protect a Medical Practice

If you own a medical practice, you can also consider options like buy-sell agreements and key person insurance. To learn more about these types of agreements, read the following case studies.

• Buy-Sell Agreement
• Key Person Insurance

For Singles

While some believe that life insurance is for families with children, term life insurance is valuable to the single adult as well. For the single person, life insurance can be used to provide funds for survivors who may be responsible for funeral expenses or other debts. (Many times, for example, parents are required to sign student loan and other loan agreements.)

For Those Starting a Family

Life insurance is particularly crucial for those just starting a family. During these early years, there are usually a number of expenses, including house payments, child-care payments, car payments, etc. The death of either parent can be detrimental to the welfare of the entire family, regardless of whether one or both parents are working.

• If one parent currently stays at home with the children, his or her death would mean unforeseen child-care costs.
• The death of a working parent means a loss of income.

Life insurance is even more important in single-parent households, in which one person is care-giver and income-provider.

To see a case study on how to get a return of your term life insurance premiums, read about Return of Premium (ROP) term coverage.