Term Life Insurance

What Is Term Life Insurance?

Life insurance, in general, is used to provide money to your loved ones after you pass away. You pay a premium, and your life is insured by an insurance company for a specific amount. Generally, the amount your beneficiaries receive as a death benefit is greater than the total amount of premiums you pay. For example, depending upon your age, you might pay only a couple of thousand dollars a year to receive a few hundred thousand dollars worth of a death benefit. So, what is term life insurance? It is a life insurance product, set for a specific term.

There are quite a few options when considering a policy. For example, how long do you want the coverage to be in effect? Terms can range from as little as 1 year up to 30 years. In addition, there are policies that keep your premium payment and your benefit the same the entire term. On the other hand, some contracts reduce the death benefit of the policy as the term nears. Still, other term policies offer ways of converting them into more permanent policies. As you can see, many options exist.

Be sure to connect with us to learn more about yours.

What Is Term Life Insurance in Retirement?

If you’re still a bit away from retirement, term life insurance is worth considering. For people in the beginning or middle of their financial journey, term insurance may be a good option. Because the monthly premiums are usually lower than permanent insurance, some people are more easily able to fit term insurance into their budget. Also, if you are still working on building your retirement strategy, a term policy might help give you peace of mind.

Converting Your Term Life Insurance

For some people, there may be an option to convert their existing policy. For example, converting to permanent insurance may give you flexibility. With permanent life insurance, you may be able to add long-term care options or build cash value with your policy. You may be able to add possibilities to your retirement strategy as well.

At Orfin & Associates, we know life insurance. Contact us today to find out which options suit you best.

WHAT'S YOUR Strategy FOR YOUR FUTURE?

Whether you’re looking for protection for your family, have questions about retirement, or simply want to learn more about financial and insurance options, we’re here to help. We are straight-forward, honest, and dedicated to your retirement and financial success. Let’s work together towards your future.

We believe in keeping your money safe, helping you obtain a reasonable rate of return and keeping things simple.

Copyright © 2024 Dan Orfin & Associates

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Daniel Orfin, an Investment Advisory Representative (IAR), offers advisory services through Gibbs Wealth Management, an SEC registered investment advisor. The firm only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. Orfin & Associates and Gibbs Wealth Management are independent of each other. Insurance products and services are not offered through GWM but are offered and sold independently by Orfin & Associates, License: MI #3227428; AZ #3227428; IN #584455; KY #DOI-674896; NV #3594019; OH #642309; PA #553972; VA #984455.

By using this website, you accept our Terms of Use and Privacy Policy. GWM’s investment advisory services are available only to residents of the United States in jurisdictions where GWM is registered. Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities. Any historical returns, expected returns, or probability projections are hypothetical in nature and may not reflect actual future performance. Account holdings are for illustrative purposes only and are not investment recommendations. The content on this website does not constitute a complete description of GWM’s investment advisory services. Before investing, consider your investment objectives and Gibbs’ fees. Gibbs is not a bank or depository institution licensed in any jurisdiction. GWM and GFG are affiliated companies. Products offered by Gibbs are Not FDIC Insured, Not Bank Guaranteed, and May Lose Value. All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

*Proceeds from an insurance policy are generally income-tax-free, and if properly structured, may also be free from estate tax. Income-tax-free distributions are achieved by withdrawing to the cost basis (premiums paid), then using policy loans. Loans and withdrawals may generate an income tax liability, reduce available cash value, and reduce the death benefit, or cause the policy to lapse. This assumes the policy qualifies as life insurance and is not a modified endowment contract. The Host and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction. This content is not intended to serve as the basis for any investment or purchasing decisions, nor does it recommend or involve the purchase, holding, or sale of a security. All figures herein are hypothetical and for illustrative purposes only to explain general concepts. No figure is to be relied upon as being accurate nor a guarantee or projection and is meant only as a partial overview of some relevant features and benefits of general insurance products that may be in the marketplace, and whose availability will be dependent on the State of residence of the consumer, and their individual suitability for the product they are wanting to purchase. Where insurance products are mentioned, any and all guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company.

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By contacting Dan Orfin/Orfin & Associates MI Ins Lic# 3227428 you may be offered information regarding the purchase of insurance products, including fixed index annuities and life.