Term insurance is life insurance with a time limit placed on it, and it’s typically chosen by parents with young children. However, there are a few more things to note about this type of policy if you’re considering it. If you live in Brandon, FL, Runnels Insurance has a few tips on when to choose term life insurance over another type of policy.

How It Works

The policyholder of term life insurance will usually set up their benefits for a given length of time. For example, if they have two young children, they may set up the policy to last until the youngest child turns 21. Once this occurs, the life insurance policy will expire and there will be no benefits paid out to either child once that date has passed.

Why People Choose Term Insurance

The biggest reason why people choose term insurance over permanent insurance (which lasts forever) is that it’s more affordable. The extra cost savings are extremely attractive for the person who knows they don’t want to support their dependents indefinitely. However, permanent insurance also has an added benefit in that it can be used as a savings account if the worst comes to worse. Term life insurance does not have this same benefit, so it helps to be prepared when it comes to how your term insurance will function in your life.

Find Out More

Calling Runnels Insurance is one of the best ways for the people of Brandon, FL to find out whether or not term insurance is for them. Both types of major life insurance policies have a number of benefits, but those benefits are only helpful if everyone is on the same page about them. Whether you’re officially shopping around or just testing the waters, give us a call today!