There are various reasons for acquiring term life insurance. Here are the most common reasons why people are interested in getting this type of temporary insurance.
Protection Of Dependents
The protection of the children and spouse of the insured is one of the reasons why people get this type of insurance. In the event of an untimely death, within the chosen time frame of coverage, the children and spouse will receive an amount agreed upon, which is stipulated in the terms of the coverage. In other words, this type of insurance assures the family of the policy holder financial security and stability even after he/she dies unexpectedly.
College Education Of Children
Aside from the financial aid received by the policy holder’s family, in the event of his or her untimely demise, his/her children are assured the cost of their college education will be completely covered. In case of the policy holder’s untimely death, his/her children will still be able to afford a college education; assuring them a promising future.
In case of an untimely death, the holder’s funeral cost will also be covered. The term life insurance, assures the policy holder’s family will not incur additional costs, when it comes to his or her funeral.
Free Of Debt
In the case of an untimely death, the insured is assured his or her family will not inherit his or her debts. His or her debts will be included in the coverage.