Term Life Insurance Demystified

Term Life Insurance is a useful addition for any insurance or financial portfolio. At a particular point in life, an individual might consider a term life insurance policy to cover a period of time usually between 5 to 35 years that has a beginning, middle and end with a specific purpose in mind 

Term insurance might be purchased as Mortgage Protection Insurance to cover the duration of a mortgage on a home or homes, or to have short-term coverage while an owner's business goes through a planned transition, or while estate planning is being put in place, college in a lump sum or some other important time sensitive event.

At the Buckley Agency our first priority is helping you take care of you and your family so we will ask plenty of questions to learn more about your personal situation. Every family has dreams, goals, and a tolerance for risk and that is usually different for each family I meet. Long-term relationships that encourage open and honest communication have been the cornerstone of my career and the foundation of my success.

The reason term life insurance is relatively inexpensive compared to whole or universal life policies is because insurance companies know that, generally speaking, people who buy term life policies die or become disabled and file a claim a mere 2% of the time +/- a fraction. This means that insurance companies will collect your monthly payment for 10, 20 or 30 years with the high probability that they will not have to pay a claim on that policy. Considering that insurance companies invest your premiums and earn interest, over the life of the policy that's a pretty good deal for the insurance company in most cases.

In an effort to be more competitive insurance companies realize that smart buyers of insurance are looking for more value for their premium dollar. Because of this new new enhanced features like Non-Medical Underwriting, Return of Premium (ROP) and Living Benefits have been added to term life policies.

If you were to ask someone if they had the old kind of insurance or the new kind they would probably say they don't know. If you then asked, whether or not they gave a blood sample, expected to be refunded their premium at the end of the the policy, or had Living Benefits, 99% of everyone you ask would probably say no meaning they have the old type. 

Click to learn about Non-Medical Underwriting, Return of Premium and Living Benefits because these features are extremely desireable. The Buckley Agency only offers these types of term life insurance policies.

A last word about what makes the Buckley Agency different. We pay attention to our customers and we are smart about the way we approach your insurance situation. If you currently have a term insurance policy, if you can find it, take a look at it. Notice on the page that lists the annual premium by year for the entire term.

If your policy is 10 years look at the 11th, 20 years look at the 21st, etc. Notice that the premium may increase every few years or the death benefit may decline. At the Buckley Agency, we only offer policies with level premiums and level death benefits. This means that your premium will never go up and your death benefit will never go down for the duration of your policy.

Further, if you have chosen me as your agent, I or someone from my agency will meet with you and go over your rights and options BEFORE your policy implodes or expires so your best interests and those of your family are served. We can advise you, as your Agent or Insurance Consultant, if letting the term insurance end or converting to a permanent policy makes sense.

Remember the Buckley Agency: Insurance Demystified

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