It’s easy to understand the attraction of a life insurance policy. After all, these plans are designed to provide a lump sum cash benefit to your family members in the event that you pass away. But while this financial peace of mind is worth having, it’s important to note that not all plans are designed the same way. More specifically, you will have to choose whether you want a term life policy to cover just a certain period or a whole life plan that will last permanently. While each option can have advantages, here are a few reasons you might be better off with term life insurance.  

3 Advantages of Term Life Insurance Policies

1. Affordability

Term policies are typically purchased by younger consumers—people who do not carry as high of a risk of death as older individuals. That minimal risk—as well as the eventual expiration date of the plan—allow term life policyholders to pay smaller premiums than those associated with whole life plans. If you purchase this plan at a younger age, you can lock in your low premiums that will stay the same—even if your health or lifestyle factors change.

2. Adjustability

When you opt for a whole life plan, you are designing coverage that will last forever until death. By comparison, term plans offer more flexible options that can help you build a solution that best fits your life. For example, you can arrange your policy to cover a specific period—such as 10 or 25 years. This can be ideal if you only want to cover certain expenses that may not be applicable as you get older—such as a mortgage or a child’s college tuition.

3. Convertibility

If you’re interested in the benefits of a whole life policy—such as building a cash value that you can borrow against—getting a term plan won’t necessarily present a barrier. In many cases, providers can convert an existing term life policy into a permanent plan.

When you’re ready to explore your life insurance options, turn to the professionals at Stautberg Financial Group. Offering comprehensive coverage options, this Cincinnati, OH, insurance company will help you design a whole or term life policy that fits your specific risks, budget, and future financial concerns. Whatever option you choose, you can expect this team to explain the specifics in an easy-to-understand way and provide answers for any questions or concerns you have. To learn more about these and other products they offer, visit this family-owned firm online. For a free insurance quote, call a friendly associate at (513) 821-6300.