Buying Term Life Insurance
A Personal Story:
In 2015 I decided it was time to buy a term life insurance policy that would protect my young daughter in the event I was no longer around. The process was a lot easier than I had anticipated. Ultimately, I received a 25 year term policy that will pay out my survivors a total of 1 million dollars if I die during the policy period. The cost of insurance is about $115 per month and the rate will not change during the 25 year term period I chose.
My biggest concern, as it should be for anyone with dependents or children, is what my loved ones would do if I were to die and my income was no longer there to help with life's expenses. How would my daughter pay for a college education, who would pay for housing and food? These are just a couple of the worries at the top of my list. Now if I die before the year 2040, my loved ones will receive a large tax free cash payment that will help with these expenses.
The first step was to generate a quick quote to see who was going to offer me the best deal. Out of the dozen or so companies I quoted, Protective Life offered the best deal for a person my age. I completed the application and submitted it to get the process started. The next step was the medical exam. The insurance company called me and scheduled a time for the examiner to come to my home or office to take blood, check my height and weight and ask a few other questions about my health history. Once the test results were completed about 2 weeks later, Protective Life made me a final offer of insurance which was mailed to me. The last part was simply signing the policy receipt confirming I wanted the coverage and returning it to them along with the first month's payment.
Now that the policy is in force about $115 comes out of my checking account automatically every month. In the event I die during the policy period I know that those left behind will not be out on the street or struggling to make ends meet. Purchasing this policy has given me great peace of mind and I wish that I had done it sooner.