If you are in need of life insurance, but are also on a tight budget, you may be looking for the most affordable option. Before committing to Oaklyn life insurance, consider the pros and cons of a term life insurance policy.

The Basics

Term life insurance is an insurance policy that you only carry for a certain amount of time. Your beneficiaries will only receive the policy upon your death if you pass away within that time period.

Pros of Term Life Insurance

Term life insurance usually offers the most affordable policies. If you sign up when you are young, you can have affordable insurance for quite a long time. This type of policy has a fixed rate during your contract, which means the amount you pay is never more than what you paid during your first month of coverage. There are no waiting periods or fees for term life insurance.

Cons of Term Life Insurance

There are some downsides to trying to purchase a term life insurance policy. If you are in bad health, it can be nearly impossible. If you are a smoker or obese, you will probably pay much higher monthly payments. Finally, while some policies allow guaranteed renewal, many companies will not renew your policy if you begin to have health problems during your initial contract.

Term life insurance is most often used by young, healthy people who are just starting their adult lives. Always be sure to hire a professional when seeking Oaklyn life insurance.