5 Reasons Why Term Life Insurance Is the Best Bet for Most People

document with term life insurance checked

What if the biggest mistake of your life involved an insurance plan? 

Most people get life insurance because they want to protect their families when they are gone. However, it can be difficult to choose between options like whole life insurance and term life insurance. If you’re not careful, you might end up making a costly mistake that you regret for decades

If you want all the protection and none of the headaches, you are better off choosing term. Unfortunately, most people don’t know what this is and why it is so beneficial. 

Ready to find the life insurance plan that’s best for you? Keep reading to learn all about your best option! 

What Is Term Life Insurance? 

It provides coverage for a specified length of time. This can range from 10 years to as long as 30 years. 

Certain plans like whole life insurance are designed to protect you for life. That idea sounds good on paper, but the cost of your premium will go up over time, so you may be stuck with that plan for far longer than it is needed. 

With term, you can get the coverage you want and lock in a rate for decades if you so choose. Alternatively, you can choose a shorter term tied to a certain window (for example, a plan that expires by the time your children graduate college). 

Now that you know more about what it is, let’s take a closer look at the five benefits of using it. 

1. Term Life Insurance Costs Less 

If you’ve been wanting life insurance, but are holding off, chances are you are worried about the added cost to your monthly budget. In that case, you should know that term life insurance plans are much more affordable than other options. 

This is especially true if you get it while you are still relatively young and healthy. Getting it requires you to undergo a medical examination. The results of this examination inform how much your monthly premium will be. 

If you have few (or no) health problems, you could get a plan for up to 30 years. This means you’ll be paying the same price over the decades until the term is over, even if your health begins to decline. From beginning to end, you’ll be paying less for this plan than with whole life insurance

2. More Flexibility with Term  

One of the reasons whole life plans can be intimidating is that they are designed to protect you for the entirety of your life. However, most people think about this protection in very specific terms. We already touched on one of those terms: Parents often want it to last until their children have graduated college. 

Another common occurrence is that married couples want it until their mortgage is paid off. That way they don’t have to worry about the unexpected death of one partner, which could result in the other partner getting kicked out of the house. 

With term, you can protect yourself against these possibilities. At the same time, you don’t have to be worried about making premium payments for the rest of your life. 

young asian couple sitting at computer researching life insurance

3. Whole Life Insurance Is Inappropriate for Most People 

So far, we have been focusing on the unique benefits that term has to offer. Of course, there is another reason to embrace it: Alternatives such as whole life insurance are simply inappropriate for most people. 

We already covered one of the major reasons for this: You probably don’t need to focus on the possibility of a payout into your golden years. Once your kids graduate college and your home is paid off, you may not need to worry about leaving people in dire financial straits if you should die. In fact, you’d probably come to resent the monthly premium once you are on a fixed monthly income. 

Here’s another reason: You may have heard that whole life plans can be used as investments. While this is true, the process is complex, and many people don’t make much money from their policy. Frankly, there are far better things to invest your time and money into if you are an investor. 

4. A Plan that’s Easy to Understand 

Even on a good day, life insurance plans can be difficult to understand. This is why the possibility of getting the wrong policy is very real. You might sign up for something and not know what you are getting into until it’s too late! 

One of the lesser-known benefits of a term life insurance plan is that it is easy for the average person to understand. Far easier to understand, in fact, than standard whole life insurance policies. 

With term, you don’t just get the coverage you need when you need it. You also get a coverage plan that you are likelier to understand. 

5. You’re not “Stuck” With Term  

Earlier, we touched on the flexibility that comes with term. One aspect of that flexibility is that you can get as much or as little coverage as you need, which is great if you are unsure about long-term insurance plans. 

For example, not everybody knows whether they want term or whole. With term, it’s possible to get a smaller length of coverage so you are protected now while you make up your mind. Alternatively, you may want interim until you are better able to afford whole life insurance. 

Ultimately, it gives you flexibility at every step of the way — and we can’t say that about other insurance plans. 

Get the Best Term Life Insurance Today! 

Now you know more about the benefits of term life insurance. But do you know where to find the coverage that you need at a price you deserve? 

At InsureOne, we’re here to take care of all your life insurance needs. We are always ready for you to get a quote online. Alternatively, you can pick up the phone and give us a quick call at 800-836-2240. Finally, feel free to come into one of our convenient nearby offices