buy term life insurance

Term insurance provides temporary financial protection for loved ones while you are working, and is generally less expensive than traditional insurance. Its death benefit will pay the money directly to your beneficiaries to help you with funeral costs as well as ongoing financial obligations, such daily living expenses, children's education, future mortgage payments.

If you don't qualify for traditional or simplified issue life insurance, either due to pre-existing conditions or unaffordable premiums, you still have options. You may want to consider a guaranteed issue life insurance policy.

Term life insurance covers your assets for a short time. For example, 10 years or 20. You can choose the length of your term to suit your needs. Your beneficiaries will get the payout if your term ends. If your term life insurance runs out, you have the option to buy a new policy. It's best to get rid of life insurance before the term expires. You will have your house paid off, your children grown, and some savings. Term policies are often the least expensive type of insurance.

Some term policies are also eligible to be converted to a permanent policy, without needing a medical exam. But these permanent policies will be more expensive after they have been converted.

The most common type of death benefit for a term policy is a level term policy, which means that the value of the death benefit stays the same for the entire time your policy is active. The benefit can also decrease, meaning it shrinks over time, typically in one-year increments.

If you don't plan to have children yet, you can lock yourself in a lower monthly premium while you are still young and healthy. You can also lock in a lower rate so your policy doesn’t mature before you have children.