Young people with children are attracted to term life insurance.
Parents can get a lot of coverage for a low price, and the family can use the death benefit to make up for lost income if the insured dies while the policy is in effect.
People with expanding families will also benefit greatly from these policies.
They can keep the coverage they need until, for instance, their children turn 18 and are financially independent.
A surviving spouse who is older may also benefit from the term “life benefit.
” However, those who wait to apply for insurance until they are older will pay higher premiums than those who had a level-term policy when they were younger.
The maximum age for term life insurance coverage is set by each insurance company. This typically falls between the ages of 80 and 90.
