Three big advantages of term life insurance

One of the biggest decisions that those who are on the market for life insurance needs to make is whether to by term life insurance or whole life insurance. There are numerous advantages to the term life insurance plans available from The Insurance Mart that Blue Ridge, GA consumers need to be aware of. 

The following are three big advantages of term life insurance. 

The premiums are more affordable.

Term life insurance is generally the most affordable insurance option. This makes it perfect for young families. Term life insurance protection applies for a given period of time, but it does not accumulate value over time. This factor makes it less expensive and ideal for younger families who are less concerned with long term savings and more concerned with immediate coverage should there be an unexpected death. 

Term life insurance policies are more simple.

In general, a term life insurance is simpler and more easy to understand than a more complex whole life insurance policy. There are only three decisions that need to be handled by the holder of a life insurance policy. They include the amount of coverage to buy, the length of time of the coverage, and the company they buy from. Of course, the policyholder also has to designate their beneficiaries. 

Federal income taxes will not come out of a term life insurance death benefit.

There are tax advantages to term life insurance. If you need life insurance coverage but owe the IRS money, you’ll be happy to know that federal income taxes cannot apply on a term life insurance death benefit. 

If you’re interested in a term life insurance policy in Blue Ridge, GA, we’re here to help. Contact us at The Insurance Mart and we’ll provide you with more information.