Three reasons why term life insurance might be the best solution for your needs

One of the significant decisions you’ll need to make when purchasing life insurance is whether to take out a term or whole life policy.  At Allen & Associates Insurance, Inc., we offer both term and whole life insurance policies in Albany, OR.

The following are three reasons why term life insurance might be the best solution for your needs. 

Term life insurance typically doesn’t cost as much as whole life insurance.

The least expensive life insurance solution is term life insurance. Although term life insurance won’t accumulate value over time like whole life insurance, it will require a significantly smaller investment every month in premium payments.

If your main goal with life insurance is getting a death benefit payout in the event of an untimely death rather than long-term savings, term life insurance is the best solution. 

Term life insurance can be a shorter-term commitment than whole life insurance.

A whole life insurance policy is expected to stick with you for the rest of your life. However, a term life insurance policy will only last a predetermined number of years. If you’re looking for relatively short-term coverage, term life insurance is probably an ideal option. 

Term life insurance is flexible so that it can easily be adjusted to changing needs over time.

The financial needs of you and your family are going to change over time. This is especially true if you’re young and you have a young family.

For this reason, having a flexible life insurance policy is essential. You can adjust your term life insurance policy as time goes on so that your life insurance continues to meet the needs of you and your family. 

Do you have more questions about term life insurance in Albany, OR? At Allen & Associates Insurance, Inc., we’re happy to answer your questions. Get in touch with us to learn more about our term life insurance policies.