The Importance of Term Insurance
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The Importance of Term Insurance

  • October 12, 2017

Do you need term insurance to protect your loved ones?

As we grow older, get married, build families, and start businesses, we come to realize more and more that life insurance is a fundamental part of having a sound financial plan. Depending on your type of policy, life insurance is extremely affordable, which means there’s no excuse not to get coverage. For those that aren’t looking to commit long-term, there’s always term life insurance.

Term life insurance is a financial benefit when the insurer is no more. The term can be bought for a certain period of time, typically 10 years, 20 years, and 30 years. If the policyholder passes away during the period of the policy, the benefit is given to his/her family, allowing them to grieve without worry and maintain financial stability. If the policyholder survives through the term, the family doesn’t receive any amount.

There are many important benefits of acquiring term insurance, including:

  • To protect your family and loved ones
  • To pay off debts and other expenses
  • To add more financial security
  • To bring peace of mind

It’s quite hard to emphasize just how important life insurance, even term, can be to a family. Perhaps Cathy can help.

Cathy was married to Scott, a big dreamer who opened the largest heating and air conditioning business in their area. The couple had two daughters together and managed to buy their own country home so the girls had a great upbringing in nature.

As the business and Scott’s financial responsibilities grew, his insurance advisor secured life insurance that adequately fit his needs for his family and business. Tragically, just weeks after the life insurance applications were submitted, Scott suffered a fatal accident, drowning while paddle boarding in a nearby river.

Cathy and her daughters must make a new life for themselves, without Scott, but this wouldn’t have been possible without life insurance. The insurance compensated Cathy for Scott’s portion of the company as she had no interest in running the company without him by her side. It turns out, Scott’s personal policy cemented their dream. “I have an incredible amount of gratitude, and it’s all because of the life insurance,” says Cathy. “Without it, we’d be gone from this property. Now my daughters can grow in the home we built, as we create a new life together.”

A Dream Lives On

Take the time to secure or review your life insurance with a trusty advisor. Falsken & Associates Insurance Agency serves Thousand Oaks and surrounding areas in California with reliable life insurance coverage. Contact us to get started.