What Is Term Life Insurance?

Life insurance plans can be tricky to choose from and fully understand. Hercules Financial aims to make the process seamless and smooth for you and your loved ones in Brooklyn, NY. This means giving you all the options available in terms of life insurance and helping you decide which is the right choice for you.

Term life insurance is the simplest form of life insurance you can buy. This insurance is purchased in “terms”, hence the name. These terms can range from 5, 10, 15, 30, or even 35 years. You can think of term life insurance as renting the policy. With whole life insurance, you buy the entire plan.   

Pros and Cons of Term Life Insurance

Benefits of a Term Life Insurance Plan

Term life insurance is a popular option among people for a few reasons. For one, it’s the most affordable. This goes back to it being rented rather than bought. When you buy life insurance with a whole life plan, it’s bound to be more costly. 

Another benefit is that you aren’t locked into only having term life insurance. You can always convert to whole life. This differs from whole life because you can’t backtrack to term with a permanent life policy. Also, term plans can be used as additional coverage to add to whole life plans. 

Another benefit is that you can choose the term. This means you won’t have to pay for unnecessary insurance. This can allow you to invest your money in other areas since the plan is more cost-effective than whole life policies. It’s a great plan to start out with since you always have the option to switch over to whole life insurance. 

Cons of a Term Life Insurance Plan

The negatives to having term life insurance is that it only provides death benefits, leaving no option for added cash value. Also, unlike the fixed rates of whole life insurance, term life insurance gets more expensive after age 40. 

Term life insurance can also be tricky to time. The policy will only pay beneficiaries if you pass away in the term’s window. 

Who is Term Life Insurance for? 

Term life insurance can be a great way to get started with a life insurance policy. Since it’s simpler than whole life, you can get started with this option and then switch to whole life insurance if need be. Term life insurance is a great way to take proactive care in keeping your family financially stable even after you’re gone. 

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What our Clients Are Saying

Onika, M

For over 5 years, both myself and my husband have used the financial services of Ms. Emara Hercules. Since then I have referred my mother, other family members, friends and colleagues. Her services have always been efficient, prompt & impeccable. I truly appreciate the honesty & advice provided by Ms. Hercules. Her services have proven to be in your best financial interest. 

Monica, R
I thought I had a good idea of my monthly budget but Emara helped me to break down all of my expenses further. It helped me understand a realistic budget and I am so thankful for it. She had my best interest in mind and thought of my long term stability. Emara helped me to invest wisely with what I can now and have the opportunity to grow. I trust her and look forward to growing my investments during the next stages of my life with her.
Amanda, A
Hercules Financial Services Group staff are very professional, patient, knowledgeable and respectful. Didn’t use jargon that is hard to understand and did great with follow–ups/communicating.
Erseline, O
Emara Hercules’ consistent tenacity, patience and in depth knowledge of what she does is why she is my go to!