Affordable Protection for Your Family's Future
Term Life Insurance
At Protect What You Built (PWYB), we understand that safeguarding your family’s financial security is a top priority. Our Term Life Insurance offers a cost-effective solution to protect your loved ones during the years they need it most.
What is Term Life Insurance?
Term Life Insurance provides coverage for a specific period, typically 10, 20, or 30 years. If you pass away during the term, your beneficiaries receive a tax-free death benefit. It’s a straightforward, affordable way to ensure your family’s financial stability.
Why Choose Term?
Affordable Premiums
Get substantial coverage at lower costs compared to permanent life insurance.
Flexible Coverage Periods
Choose a term that aligns with your specific needs and life stage.
High Coverage Amounts
Secure a significant death benefit to replace your income and cover major expenses.
Simple to Use
Easy to understand and manage, with no cash value component or investment decisions.
Ideal Candidates for Term Life Insurance
Term life insurance can be particularly beneficial for:
- Young families with children
- Homeowners with a mortgage
- Individuals with significant debts
- Business owners protecting their company and employees
- Those seeking additional coverage to supplement employer-provided life insurance
Term Life Insurance in Your Financial Plan
At PWYB, we view Term Life Insurance as a crucial component of a comprehensive financial strategy. Here’s how it fits in:
Protect Your Income: Replace lost income to maintain your family’s lifestyle.
Cover Specific Obligations: Ensure your mortgage, children’s education, or business loans are paid off.
Complement Your Investment Strategy: Use the money saved on premiums to invest in your retirement or other financial goals.
Provide Business Continuity: Protect your business partners and employees with key person insurance or to fund buy-sell agreements.
How PWYB Customizes Term
- In-Depth Financial Analysis: We evaluate your current finances, future goals, and potential risks to determine the ideal coverage amount and term length.
- Strategic Term Selection: We guide you in choosing the most suitable term length based on your specific life stage and financial objectives.
- Multi-Policy Approach: For complex needs, we may suggest multiple term policies with varying lengths to provide targeted coverage as your needs evolve over time.
- Ongoing Policy Assessments: As your life changes, we’ll re-evaluate your coverage to ensure it continues to align with your changing circumstances.
- Conversion Guidance: We’ll explain and help you understand conversion options that allow you to switch to permanent coverage if your situation changes.
Common Term Life Insurance Questions
If you outlive your term life insurance policy, the coverage simply ends. You won’t receive any payout or refund of premiums. However, this isn’t necessarily a bad thing – it means you’re still alive and hopefully in a better financial position than when you first purchased the policy.
At PWYB, we offer several options as you approach the end of your term:
- Renew the policy (often at a higher premium due to increased age)
- Convert to a permanent life insurance policy (if your policy includes this option)
- Consider a new policy based on your current needs
- Let the policy expire if you no longer need the coverage
Our advisors will work with you well before your term ends to assess your current situation and future needs, ensuring you’re never left without appropriate coverage.
Term and whole life insurance serve different purposes:
Term Life Insurance:
- Provides coverage for a specific period (e.g., 10, 20, or 30 years)
- Generally more affordable
- No cash value accumulation
- Ideal for covering specific financial obligations (e.g., mortgage, children’s education)
Whole Life Insurance:
- Provides lifelong coverage
- Builds cash value over time
- Generally more expensive
- Can be used as part of a comprehensive financial strategy
At PWYB, we believe both types have their place. We’ll help you understand which option – or combination of options – best fits your financial goals and budget.
While term life insurance policies are generally fixed, there are some ways to adjust your coverage:
- Riders: Some policies offer riders that allow you to increase coverage at specific life events (e.g., marriage, birth of a child) without additional underwriting.
- Laddering: You can purchase multiple term policies with different term lengths to provide more coverage during your higher-need years.
- New Policy: In some cases, it may be beneficial to apply for a new policy with different terms.
- Conversion: Many term policies include an option to convert to permanent insurance, which could change your coverage amount.
At PWYB, we recommend regular policy reviews. If your needs change significantly, we’ll guide you through your options to ensure your coverage aligns with your current situation. Remember, it’s often easier and more cost-effective to secure the right coverage from the start, which is why our initial analysis is so thorough.
Ready to Secure Your Family's Future?
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