"Can I Afford A $1,000,000 Term Policy?"
A term insurance policy insures your life and that is all it does…Often referred to as “pure insurance”. You pay a premium, pay that for a designated period of time generally between one and twenty years and if you die your beneficiary receives the insured amount. If you live beyond the term and want to continue your coverage it must be renewed. These features are what make a basic term policy one of the best values in the industry making it very affordable to most people.
Conclusion:While the term policy has a wide variety of applications within a family’s overall financial plan perhaps its most appealing feature is the cost/value relationship. The relatively inexpensive cost of this type of “pure insurance” can enable a family to provide for the funds to maintain a familiar family lifestyle in the event of an untimely death of the breadwinner. It is practically a “must have” for a married couple with children.