Term Life Insurance

Term Life Insurance is the most affordable option available. Term insurance pays a death bennefit for a specific period of time. Typically, they can be taken out for 10,15,20,25 or 30 years. Most of these plans do not require any medical exams, just some simple questions and a check of your medical backround. If something were to happen to you during this fixed time period, the insurance company would pay out the death bennefit to your benneficiary tax free. If at the end of the Term, you're alive and well (which we hope you are!) then the coverage is over and you'll have to choose what to do next.

• There are many different types of Term Insurance. At the end of the term, your coverage has ended.
• Most common is a ( Level Term ) where the cost stays the same over a fixed period of time.
• There are increasind and decreasing term plans where the cost and the benefit will go up or down as the years go on. This may be a good option depending where you are financially and what you are trying to accomplish.
• ( Convertable Term ) is one I generally recommend to clients if they choose a term policy. This gives you a level term, but the option within a certain amount of years to convert the policy to a Whole Life policy. For people that want to start a Cash Value Whole Life policy or Infinite Banking Concept, but can't financially afford the premiums yet, this is the perfect solution.
• ( Mortgage Protection ) is a policy most agents love to sell,(high commission for them) but at Beatty Financial Group, we will not sell. It has a great sales pitch; level term, living benefits, and at the end of the term, if you're still with us, you get all of your premiums back. Sounds great right? The problem is, it's expensive compaired to regular term and at the end you're not covered anymore. For the same cost, you could have a cash value whole life policy, same benefits, ability to use the cash value while your paying for the policy and depending how structured, double the amount of cash. Which woud you prefer?

There really isn't a simple answer to this question and many agents or brokers all have different opinions on this very question. Every customers needs, wants, wishes and financial situation are different. $100k might work for someone and another person may need $600k. We'll talk about what's affordable, financially how will it look for your family if you were gone tommorrow, the debts and income you have to determine what makes sense for your particular needs.