The thought of dying and leaving a family without a financial cushion to assist in rebuilding their lives is stressful, but a policy that provides term life insurance in Wichita KS will alleviate this burden. A term policy is inherently different from its whole life counterpart but offers a vast array of benefits that make it simple for a family to get peace of mind. Below is a quick look at the top three benefits of term life coverage and the individuals who are most likely to benefit from purchasing it.
Premium Amount
The premium amount associated with coverage depends on the death benefit amount, which ranges anywhere from $1,000 to $1,000,000. A term life policy is extremely affordable for those who are younger and will only increase minimally during the renewal period. A term policy could be as much as 80 percent cheaper than a whole life policy and pay out an equal benefit upon death.
Ease of Funds Transfer
The owner of the policy will have the option of listing one or more beneficiaries as well as contingent beneficiaries should the named person not survive them. The funds will be made payable directly to the designated person, which will eliminate the need for a formal transfer. Life insurance proceeds are typically exempt from state and federal taxation, allowing a person to get the full face value of the policy upon the policy owner’s death.
Cash Value
Purchasing Term Life Insurance in Wichita KS may function as an investment. As the amount of money paid towards the policy increases, it may build cash value that the owner of the policy may borrow against for end of life expenses or for significant life events such as buying a home. Knowing that funds are there in an emergency will bring peace of mind and make it easier to rationalize and afford premium payments.
Don’t force loved ones to struggle if tragedy strikes. The agents at Andy Wood Insurance Agency makes it easy to find affordable coverage that will be there to offer support to those who are left behind. Contact us today to learn more about the benefits of a term life policy and take the first step in providing a family with the resources needed in the event of a death.
