Three advantages of term life insurance

Life insurance is an essential product to invest in to protect your family’s financial future. Green Family Insurance Inc. provides numerous life insurance options that allow Illinois families to meet their financial needs.

The following are three advantages to be aware of that you can enjoy by purchasing a term life insurance policy.

Term life insurance premiums are generally less expensive than whole life insurance premiums.

If you compare premiums for term life and a whole life policy, you will note that term life insurance premiums are typically more affordable.

That’s because term life insurance policies don’t accumulate value over time and only compensate you if you pass away unexpectedly during the policy term. This setup is typically ideal for young families who need a substantial death benefit in the case of an untimely death more than they need accumulated savings. 

Term life insurance policies offer flexibility.

Term life insurance typically offers more flexibility and options than whole life insurance. You can choose between varying death benefit amounts. You can also choose between different term lengths, depending on your unique needs.

Term life insurance policies are good for adapting to changing life insurance needs over time. 

Your life insurance needs are likely to change over time. They’ll vary due to factors like your dependents becoming financially independent or the value of your assets accumulating over time. 

Term life insurance is ideal for changing needs because these policies are typically temporary. You can choose a term that’s as short as one year in some cases. Then, you can reevaluate your needs after the term is up and select a different policy down the road. 

To learn more about term life insurance, get in touch with us at Green Family Insurance Inc. We’re here to assist you with your life insurance needs in Illinois.