One of the biggest advantages of term life insurance is its affordability. Insurance companies can offer lower premium rates for term insurance coverage than for permanent policies because the odds of death during the policy term favor the insurance company.

Term life insurance policies are also a great way to maintain flexibility, and to adjust according to your family’s changing needs. If your insurance needs change and you realize more permanent coverage is a better option for you, most in-force term life insurance policies can be altered to permanent life insurance or whole life.

Other popular advantages of term life insurance include:

• It can be used to supplement life insurance coverage provided by your employer

• Policies provide a fixed death benefit for a time period that you choose up-front

• In addition to the specified “face amount” death benefit, your policy may include a return of premium option

• Some policies also offer other coverage options including critical illness and disability insurance protection

Of course, there are a lot of policies and policy options to choose from. When considering purchasing a term life insurance policy, you’ll want to keep your financial situation in mind and select coverage that best meets your needs.

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