Stephan Baldwin is the Director of Business Development for Assisted Living Center, an online directory of senior living communities.
It can be a dreadful feeling. You've lived a long life, but the years you have left will probably not be enough to pay off debts that will become the responsibility of your loved ones. You know that a term life insurance policy could help a lot, but are you past the cutoff age to be eligible?
There are a number of factors you must consider when you think about getting a term life insurance policy. With some research, you can decide on the right investment for you.
How Does Term Life Insurance Work?
Simply put, term life insurance is a policy that guarantees your benefactors a specified amount of money, assuming that you continue paying your premiums on time for the length of the term.
Most term policies last 10 or more years, with some policies available that are effective for 30 years. At the end of the term, many insurers will plan to renew your policy, possibly at a higher rate. You also have the ability to cancel the policy at that time.