Getting a term life insurance policy is not just about picking the cheapest, most affordable plan. You want to think about if it actually covers everything you and your loved ones need.
You should be thinking about the present and future.
A 10-year term life insurance plan can be a great investment. A 10-year term life insurance plan will insure your life for ten years. If you would die during your term, your life insurance policy would pay out a death benefit to your loved ones.
A 10-year term life insurance policy costs 7 to 10 times less on average than permanent (whole) life insurance.
This would be a great option for a couple who is about to retire and does not wish to be over insured.
A 10 year term policy is most commonly used to provide death benefits to a loved one. Other types of policies, such as a whole life insurance policy, may be used for death benefits, establishing a legacy and more, but a 10 year term policy often is purchased with a very specific purpose in mind.
While it can be difficult to determine what your financial needs for life insurance may be 20 or 30 years from now, most people will be able to more accurately determine these needs within the next 10 year time period. With this in mind, it is most commonly used as a source of financial sustenance and to pay off specific debts that you currently have so that your family is free of financial obligations.
Cosmo Insurance Agency is knowledgeable in various options including but not limited to – term, ROP, permanent and whole – from over two dozen A rated carriers. We are familiar with the rate classifications that particular carriers use to determine the health class of enrollees – and there are significant differences between them. No matter what the results of your medical examination are, we will find the insurer that will provide you will the best rating class and thus the lowest premiums.
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