When you finally decide to buy that life insurance policy, the carrier will determine the monthly premium amount based on the following. The death benefit amount, your age, overall health, and your gender. 

Sometimes depending on the type of policy, you are applying for coverage with. You may need to complete a medical exam.

 Also, the insurance company will look into your medications, driving record, tobacco use, occupation, family history, and any dangerous hobbies. 

With Term Life Insurance if you die during your term period, the insurance company will pay the death benefit to your beneficiary or beneficiaries. 

Tax Free Death Benefit

The death benefit is not taxable as long as you paid the premiums correctly "after-tax". 

This money can now be used to pay off debt, your mortgage, credit cards, fund college education, and buy-sell agreement for a business partner. 

Just a quick post for you today on the benefits of term life insurance. 

Of course please call the office at 208-409-3382

How Does Term Insurance Work

Term life insurance is a contract between you and the insurance company that promises to pay out a death benefit if you die within the term. This death benefit is usually tax-free. However, the policy will expire if you are not healthy or die during the term. In such case, you must purchase a new policy. During this time, you may also face an underwriting process and a higher rate. If you're over 40, be aware that rates will skyrocket and you may even be required to lower your benefit amount.

Term life insurance will cover your expenses over a period of time, and you can buy a policy that has an unlimited duration. In most cases, a level term policy is enough to cover your expenses for a short time. In such a case, a return of premium policy will be a much better option. With a return of premium policy, you'll receive your premiums back, and if you don't, you'll only get a portion of it.

When purchasing term life insurance, make sure to check your eligibility and health status. If you're healthy, you can purchase a policy without a medical exam. In this way, you'll be able to pay your monthly premiums with less hassle and less stress. You'll need to fill out a few forms before the policy is issued. After you've filled out the necessary paperwork, you'll be ready to pay the premiums.

Call our office today for a quote or review of your current policy. We are brokers and agents that work with the top carriers in the nation. Affordable rates for health issues and smokers as well.