Term Life Insurance May Be Ideal At Any Stage Of Your Life

Whatever stage of life you may be in — single, newly married, single parent, growing family, or retired — term life insurance from AAA Life Insurance Company may be the perfect fit for your needs.

Newly married couples and young families tend to have heavier financial obligations and may not have yet reached their highest earning potential. Low-cost term life insurance can help ensure that a family stays in their home, maintains their current lifestyle, and reaches their financial goals, such as mortgage and income protection, as well as providing for college tuition.

For single parents, providing for their families is even more challenging. Insurance-premium dollars may be hard to find when all the family expenses fall on one parent. That’s one reason why term life insurance makes so much sense — substantial protection for your family for just a few dollars a week.

Employees without employer-provided income protection can further protect their family with term life insurance. It’s also an economical way to supplement employer-provided coverage when the level of coverage is not adequate.  According to the American Council for Life Insurers, while there is no substitute for evaluating needs, one rule of thumb is to buy life insurance equal to five to seven times your annual income.

Single people may have fewer or no dependents to protect, but in the event of their death, term life insurance helps ensure that settling final expenses does not financially burden their family.

The purchase of a new home is usually one of the biggest financial investments a family can make. In the event of an untimely death, making the mortgage payments could create a financial burden that’s not easy to overcome. Now, protecting your investment makes more sense than ever, with term life insurance offering a level death benefit and guaranteed premiums for 30 years. Providing protection that’s guaranteed for 30 years has never been so affordable.

Annual premiums are guaranteed for 10, 15, 20, 25 or 30 years*, depending on the plan selected. And if you are age 55 or younger, you can select an option to waive your life insurance premiums should you become permanently disabled.

If your needs change prior to the end of the conversion period**, and your term life insurance is still in force, you have the right to convert it to permanent protection that also builds a cash value. This right is guaranteed, and no medical examination is required.

Your term life insurance policy can also help you financially while you are alive. If the insured person is diagnosed with a terminal illness and there is medical evidence that life expectancy is 12 months or less, the policyowner can apply to receive up to 50 percent of the policy’s death benefit or $500,000, whichever is less. These “living benefits” help ease the increased financial burden caused by a terminal illness. Interest charges will be applied to the advanced benefit paid.***

To find out more about AAA Life Insurance Company’s term life insurance or other products, please contact your local AAA office or (866) 209-8442.

**Convertible to any permanent plan of insurance before either 80 percent of the term period has passed or before age 65, whichever is less.

*** Not not available in all states.