Carolina Insurance partners Term Life Insurance

Thinking about life after death isn’t easy, but doing so now can help your loved ones in the long run. By planning ahead for your family’s financial future now, they can have the resources they need to manage end-of-life expenses, everyday living expenses, and more in the event something happens to you. One way you can protect your loved ones’ financial security is by obtaining a term life insurance policy.

At Carolina Insurance Partners, our team offers robust term life insurance policies that meet the unique needs of each client. We’ll work with you to determine the exact term length and coverages you need in your policy so you have the peace of mind you deserve. Contact us to get started with our term life insurance policies today!

Types of Term Life Insurance

Everyone’s life is different, so it makes sense that there are many different life insurance policies available to meet each person’s individual needs. Term life insurance policies have a set period of coverage, usually in increments of 5 – 30 years. Should you die within the specified term in your contract, your beneficiaries will receive the full death benefit designated to them in your policy. There are two main types of term life insurance policies that Carolina Insurance Partners offers: level term and decreasing term life insurance.

Level Term Life Insurance

A level term life insurance policy is the most common. Through this policy, your annual or monthly premium and the benefit that is paid out to your beneficiaries remain the same (or level) throughout the duration of your policy. Simply select the desired term length for coverage to get the financial protection you need for your family.

Decreasing Term Life Insurance

Unlike a level term life insurance policy, decreasing term life insurance lowers the death benefit paid out to your beneficiaries by a certain percentage each year. You’ll still select the period of coverage needed, but instead of having a set death benefit, the total amount paid out to beneficiaries will decrease with every year that a claim has not been filed.

How Term Life Insurance Policies are Used

Life insurance policies provide protection for your loved ones’ financial wellbeing in the event that you die, and term life insurance is no different. If the policyholder dies within the specified timeframe of coverage, their designated beneficiaries will be able to file a claim to receive their death benefit. These funds may be used however the beneficiary pleases, and can cover the cost for many things, including:
• Funeral Costs
• End-of-Life Expenses
• Medical Expenses
• Decedent’s Personal & Property Tax Filing
• Decedent’s Debt Reconciliation

Beneficiaries can also use funds for personal expenses, such as mortgage bills, returning to college, or making a down payment on a house. By securing a policy for your loved ones, you can help them maintain their quality of life in your absence. Ask Carolina Insurance Partners whether term life insurance is right for your financial needs by contacting our team today.

Benefits of Term Life Insurance

Some may wonder why one would consider a term life insurance policy over a whole or universal life insurance policy. Why opt for a few years of coverage when you could end up outliving your policy? The fact is, term life insurance isn’t right for everyone; however, there are certain benefits that obtaining such a policy can provide, including:
• Low Premium: Especially for those on a tight budget, a term life insurance policy is an excellent way to get the greatest death benefit for the lowest premium.
• Peace of Mind: Those looking for a little extra peace of mind during major life events can get the greatest benefit from a term life insurance policy if they know ahead of time when their greatest period of risk will be.
• Accessibility: Younger clients can acquire coverage at a lower immediate cost, allowing them to plan ahead and stay protected without breaking their budget.

Why You Should Consider Term Life Insurance

While a term life insurance policy isn’t for everyone, there are certain individuals who may benefit more than others from obtaining such a policy. For example, a parent with an adult child attending college may wish to secure a five-year policy for extra protection while their child is at school. In the event they die during their coverage period, their child will be able to complete their education depending on the death benefit outlined in the policy. Alternatively, a young professional just figuring out their next move in life might want to have a term life insurance policy for its low cost yet wide breadth of coverage during an uncertain period in their lives. Always consult with your financial advisor or your Carolina Insurance Partners professional to make the best decision for your financial future.

Contact our team to learn more about our term life insurance solutions today!