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Is Term Life Insurance Worth it and How to Decide?
To get started with BlueCross Life, you should contact one of our insurance advisors, or apply online through Blue Cross Life’s Term Life Insurance platform and get coverage in as little as 20 minutes!
Depending on what you purchase, there’s usually away to protect it. You buy cases for your new phone. Warranties on electronics or vehicles. But how do we protect the things that really mean the most to us, the people we love? The answer is term life insurance.
Term life insurance premiums are a long-term commitment, so many people find themselves wondering, “Is term life insurance worth it?” This page will explore why term life insurance is a good idea, no matter what stage of life you’re in.
Let’s begin by answering the common question, “When is term life insurance worth it?”
This answer will vary between each person that’s considering term life insurance to provide their loved ones with financial security down the road.
For many people, term life insurance is most worthwhile when you’re young, because not only can you protect your loved ones for a longer period of time, but your term life insurance premiums will be lower than if you were to wait until you’re a senior to apply.
Life changes can also create moments when getting term life insurance is a good idea. The birth of children or grandchildren. Getting a new job or purchasing a home. Using term life insurance to cover mortgage protection is another popular use for these types of financial protection
Even long-term financial planning for things like a child’s post-secondary education costs, debt payments, or income replacement for your spouse can all become ‘lightbulb moments’, where you can suddenly see the value of term life insurance in your own situation.
The real question becomes, when is it worth to you knowing that your loved ones are protected for the future?
This might be a question that you’ve wondered, if you’ve been exploring other insurance products that aren’t as affordable or offer as many flexible term life insurance options as Blue Cross Life.
For example, permanent life insurance provides lifelong coverage and a cash value component, making the premiums significantly higher. But it can be an unnecessary expense, especially if your need for coverage is only temporary.
There are also situations where certain types of insurance coverage packages simply don’t make sense. A 65-year-old person isn’t likely going to want a 20-year package, so a 20-year term life insurance plan is not worth it for them.
By the same token, a person who’s living in an area with a high cost of living may need more than $1 million dollars in coverage to provide their family with the financial protection they need. Again, this type of term life insurance coverage is not enough for them.
Someone who is single and has no children, has a spouse that is financially independent, empty-nesters, or someone who is currently debt-free can all still benefit from term life insurance.
If you anticipate future changes that could change your needs (i.e., having children, changing careers, etc.), it can be a smart idea to lock into term life insurance when you're younger and healthier, so you can secure a lower monthly premium.
Finding the right term life insurance package is the first step towards true financial protections for the future. That’s why we’d suggest reaching out to one of our insurance advisors to get personalized recommendations on what type of coverage makes the most sense for you.
Or you can apply online through Blue Cross Life’s Term Life Insurance, and get coverage in as little as 20 minutes!
Who needs term life insurance? Anyone with loved ones that they want to protect in the future!
Let’s make a small list of people who can benefit from term life insurance:
These are just a few examples of some people who need flexible term life insurance protection, but as you can see, there are a lot of reasons why term life insurance is a good idea.
Compared with certain other types of insurance (i.e., mortgage insurance, permanent life insurance, etc.), term life insurance may have lower monthly premiums; depending on the specifics of your coverage.
Particularly, if you’re considering term life insurance for a very specific period of time (i.e., 10 or 15 years), this is a much more affordable option than permanent life insurance plans.
If part of the reason you’re hesitant to sign up for term life insurance is the ongoing costs involved, it’s important to remember that the younger you sign up for term life insurance, the lower premiums could be for you.
This means, there’s always value in exploring term life insurance options; so it is worth considering it sooner rather than later.
In addition to lower term life insurance premiums, these types of insurance options are often much more flexible and customizable than other types of insurance.
With Blue Cross Life, you can choose many facets of your personalized package, including things like:
With so much customization available, there’s a perfect package out there for basically everyone. All you have to do is find the combination that works best for your family’s future needs.
What to look for when getting term life insurance
There are a number of factors you should consider when trying to create a customized package term life insurance that is worth it for you.
The first is to take time and consider the amount of coverage that will provide the type of financial security you’re looking for. This could be impacted by a number of elements, such as:
All of these factors could impact how much coverage you’ll need to ensure your family is protected in the future.
Next, you should think about how long the length of your term life insurance should be. Don’t worry too much though, since with Blue Cross Life, you can always renew your coverage at the end of your term (up to age 85)!
The most important thing to do is find a plan that makes the most sense for you, based on your individual situation. Thankfully, this is where Blue Cross Life can help.
Are you ready to start protecting your family for the future? Our team of insurance experts are committed to ensuring we help you find a term life insurance plan that is worth it, based on your needs and your monthly budget.
The best way to get started creating your personalized plan is to speak with one of our licensed insurance advisors, and they can guide you towards the plan that will work best for you.Alternatively, you can apply online through Blue Cross Life Term Life Insurance and get coverage in as little as 20 minutes! Get started today and see how Blue Cross Life is helping Canadians find financial security for the future.
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Term Life and Critical Illness Insurance products are underwritten by Blue Cross Life and distributed by PolicyMe Corp.
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