Term life insurance is one of the two main types of life insurance. It’s a type that many people prefer for its advantages, and it can be good protection for many policyholders. It does have its drawbacks, however, and the policies don’t typically last as long as a whole life policy. However, the benefits outweigh the drawbacks for many people. If you want to know more about term life insurance, call us at Lee Insurance Agency LLC in North Carolina.

The Insurance Term

Term life insurance has this name because it’s written for a very specific term. This term is generally a specific number of years that the policy will be in force. When the end of the term comes, the policy will hit its expiration date and will no longer be in effect. When that happens, the policyholder will have to seek out a new policy so that they can be covered by life insurance again. This drawback can make this type of insurance the wrong type for some people, but many people choose it because of its main advantage.

Saving Money

One of the big advantages of this type of life insurance is that it costs so much less than the other main type. Term life tends to be affordable for a wider segment of the population than a whole life policy. There are many people who wouldn’t be able to afford life insurance at all if it weren’t for term life policies. If you have a tight budget, this may be the right choice to keep you insured so that your family won’t face financial hardship later.