Term Life Insurance – A Great Option for Young Families

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It has been a pleasure working with our partner, Responsival.

As parents, we want the best for our kids, and we work hard to provide for them. We have the best job we can find. We make sure that we’re fiscally responsible, and that we have our life insurance in place. Right? Right? Well… not all of us. In fact, a large portion of parents in the country don’t have life insurance. It usually comes down to a combination of putting it off to another day, not wanting to think about our own mortality, and trying to figure out how we’re going to afford it. Those are all big ideas and responsibilities to juggle, but the simple fact is that it’s better to do it than not. 

Finding Life Insurance That Works for Your Family 

Finding life insurance can be a major hassle. From the costs to the health exams, it takes up a ton of time, and after you’re approved it can require a lot of money. That’s the case for whole life insurance, anyway. However, if you’re looking for life insurance with no medical exam, term life is the way to go. Term life insurance plans like Fabric by Gerber Life offer substantial payouts at substantially less expensive rates than whole life insurance. So why is term life insurance so much more affordable than whole life insurance? Let’s take a look. 

Whole Life Insurance

Whole life insurance covers the insured for the entirety of their lives. These plans never need to be renewed, and as long as premiums are paid, they remain in place from the beginning of the policy’s inception to the time of the insured’s death. However, that coverage comes at a significant cost. Because the insurance never expires, the insurance company is guaranteed to have to pay out a death benefit at some point. To ensure that they make their money, they charge a much higher premium. In addition, medical exams are usually required. The longer a person lives, the more premiums they pay before their death, after all. 

Term Life Insurance

Term life insurance, as stated in the name, remains in place for a term – a specific length of time. These plans usually have term limits of 5, 10, 20, or even 30 years, and their premiums are much lower. That’s because if you don’t die within that time frame, the insurance company isn’t required to pay a death benefit. For this reason, term plans cost far less and usually only require basic health information. 

How Life Insurance Benefits Your Family

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Whether you choose term or whole life insurance, getting life insurance is incredibly important for your family. With the differences listed above, you might wonder why you would ever get term insurance, but it’s actually an excellent form of life insurance. Both whole and term life insurances add a layer of security to your family, however, whole life insurance can be quite costly. If you’re made of money, then there’s no issue with that. However, if you’re on a budget, term life insurance can be quite attractive. 

The upside to term life insurance is that many companies offer the opportunity to convert term life insurance to whole life insurance. This allows you to get life insurance with no medical exam quickly, easily, and in your budget now and think about how to work whole life insurance into your budget later. In addition, if you’ve put off getting life insurance for some time, and your children are older, a term plan allows you to add a layer of protection at a more affordable price that’s more likely to be used. 

Whatever kind of life insurance fits your family’s current needs, the vital point is that it’s an incredibly important part of protecting your loved ones. And while life insurance may seem daunting. it’s actually easier than you think with the guidance of a life insurance professional. 


Comments 12
  1. I love the idea of being able to start out with term life insurance and then convert it to whole life insurance as your finances permit. I’m definitely going to check out Fabric.

  2. My husband and I did a low-cost term life insurance plan for each of us when we found out I was pregnant with our first child. Then about 5 years ago we got additional coverage since their needs and ours will increase as they get older. It’s not fun to think about, but having life insurance and a well-written will with guardianship information is the best thing you can do for your children.

  3. I like the option to convert. I messed up and counted on my job’s life insurance policy, not realizing when I was younger that it wouldn’t cover me if I wasn’t working there anymore.

  4. A whole life insurance is the better one between the two, but if you’re like me, term insurance might be the doable thing. It’s what I have right now.

  5. This is something to sit down and have a long talk with your partner about. Having different kinds of insurance, especially life insurance is a good thing. I love that you can have different options to go with it along the way.

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