Who prefers term life insurance? Generally, people purchase term life insurance when they get married or have a child. In this way, they seek to ensure that if one partner is absent, the other can have sufficient financial support to maintain the household and take care of the children.
The advantage of term life insurance is that the monthly premium is cheaper than other types of life insurance. Additionally, the price of the premium remains constant throughout the duration of the contract.
In short, those who acquire term life insurance do so with the purpose of preventing their family members from having to incur debt to cover funeral and burial expenses in the event of their death. Furthermore, the death benefit should be sufficient to cover any accumulated family debts, such as student loans or the mortgage on the house.
When obtaining such a policy, it is crucial to determine the desired coverage amount so that the death benefit truly proves beneficial to the family.
Typically, a healthy 40-year-old individual can secure around $250,000 in coverage by paying a monthly premium of $25. Who prefers term life insurance?
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