Term Insurance: What It Is and Why You Need It

Do you have a family? If so, then you need term life insurance.

This is the simplest and most affordable type of life insurance available. In this blog post, we will discuss:

1. What is term insurance?
2. Why is term insurance important?
3. How to Find the Best Policy

What is term insurance?

Most people are familiar with the concept of life insurance. It is a contract between you and an insurance company. If you die, the company pays out a death benefit to your beneficiaries. The death benefit can be used to cover final expenses, pay off debts, or provide for your family's future financial needs.

Term insurance is the most basic and affordable type of life insurance. It is also the most popular type of policy. With term insurance, you are insured for a specific period, typically 20 or 30 years. If you die during that period, the death benefit is paid out. If you live beyond the term of the policy, it simply expires and you are no longer insured.

What's the difference between term life insurance and whole life insurance? Find out here: Term vs Whole Life Insurance.

Why is term insurance important?

Term insurance is an important type of life insurance for families. It is affordable and provides financial security in the event of your death.

Be sure to shop around for the best rates and coverage, and review your policy regularly to make sure it still meets your needs.

How to find the best policy

There are a few things to keep in mind when shopping for term insurance:

Term life insurance coverage

First, it is important to make sure that the policy provides coverage for at least 20 years. This will ensure that your family is taken care of financially if something happens to you.

Learn more about how to request an insurance quote online.

Term life insurance rates

Second, it is important to compare rates from different insurance companies. Rates can vary significantly, so it pays to shop around.

What are insurance rates looking like in 2023? View 2023 rates here!

Types of term life insurance policies

Third, it is important to understand the different types of term insurance policies. There are two basic types: level term and decreasing term.

• With a level-term policy, the death benefit remains the same throughout the term of the policy.
• With a decreasing term policy, the death benefit decreases each year. Decreasing term policies are typically more affordable, but they may not provide enough coverage for your family if you die early in the policy.

Term life insurance claims process

Fourth, make sure that you understand the insurance company's claims process. You should know how to file a claim and what documentation you will need to provide.

Review your term policy regularly

Finally, it is important to review your policy regularly and make sure that it still meets your needs.

EGGRS Term Life Insurance

Have you ever thought about getting life insurance? If so, what type of policy are you considering? Let us know in the comments below.

About EGGRS

EGGRS understands the importance of preparing for unexpected changes while keeping your busy schedule in mind, so we have created an efficient process that anyone can follow.

Our ideal, uncomplicated process allows you to do everything online, including requesting life insurance coverage and receiving it within 20-30 business days. Our services include term life insurance, risk differentiating underwriting, request a quote, and free calculators. Contact EGGRS for more information!