Term Life Insurance in Bronson, MI

Term life insurance is a tool that may help your loved ones manage financial responsibilities after your death. This policy lasts for a set number of years and may pay out a lump sum to your beneficiaries if you pass away during that time.

Who Needs Term Life Insurance?

Term life insurance is worth considering if you have dependents, debt or long-term financial goals. Parents often use it to help cover childcare, education costs or mortgage payments. Young professionals may want coverage to help their families manage student loans or other shared financial obligations. Stay-at-home caregivers may also benefit from term life insurance since their contributions would be costly to replace.

What Does Term Life Insurance Cover?

The death benefit from a term life insurance policy can be used to cover the following:

• Funeral and burial expenses
• Outstanding debts like mortgages or loans
• Income replacement
• Future expenses like children’s education costs

While term life insurance covers many scenarios, it typically excludes coverage for death resulting from criminal activity or risky hobbies like skydiving or scuba diving unless disclosed and approved. Some policies also exclude death caused by war or terrorism. Be sure to review your policy to understand its limitations and avoid surprises when filing a claim.

How Much Coverage Do I Need?

To determine the appropriate amount of coverage, add up your financial obligations, such as mortgage, loans, childcare, education costs and daily living expenses. Then subtract any savings or assets your family could use. A rule of thumb is to aim for coverage equivalent to 10-15 times your yearly income, but your situation might call for more or less. Consider also how long your loved ones will need financial support and what future expenses might come up.

Get Covered Today

If you’re ready to take the next step, contact Hathaway Agency, Inc today and let’s explore term life insurance options suited to your goals. Our team is here to guide you and answer any questions you may have.