While life insurance is considered by many financial experts an important part of personal financial planning, it is a topic that many families understandably put off discussing. The knowledgeable team at Walker & Solomon can answer questions and ultimately help you and your family navigate the various options to determine what is right for you.
Term Life Insurance
An Overview of Term Life Insurance
Term life insurance is designed so that the policy benefit is paid if an individual passes away during the term of the policy. Generally, policy term lengths can be anywhere from one to thirty years.
The two basic types of term life insurance commonly discussed are level term and decreasing term policies. Level term insurance has a policy benefit that remains the same throughout the length of the policy, while decreasing term insurance has a policy benefit that decreases over time. The majority of individuals select level term insurance policies.