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Why Buy Level Term Life Insurance?
Term life insurance is often called temporary life insurance.
Term life insurance is purchased to cover some type of asset
over a fixed period of time. Term life has much lower rates than
permanent plans because of these shorter time periods. Level
term insurance is purchased to cover short intermediate-term
obligations. The time periods can be 5, 10, 15, and sometimes 20
years. Short term debt is often covered by a level term policy.
Family budgets are full of short term debt obligations. Families
buy automobiles, appliances, furniture, and many other household
goods and are in debt for these items over a short period of
time. When you purchase these items you are often approached to
buy credit life insurance to cover these obligations. It would
be less expensive for a family to purchase a level term policy
or rider to cover this kind of short term debt.
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