Almost half of Americans do not have a life insurance plan, according to Western and Southern Financial Group. Consumer adviser Clark Howard emphasizes the importance of obtaining level term insurance for families to protect their loved ones.
Many individuals, particularly those with young children and spouses, overlook the necessity of life insurance. Howard noted that many married couples have not considered life insurance to safeguard their partners, highlighting a significant gap in financial preparedness.
Howard explains that level term insurance is the best choice for most people.
“The right kind of life insurance to buy, for almost everybody, very few exceptions, is something known as level term insurance,” Howard said.
This type of insurance is straightforward, covering the insured in the event of death without additional complexities.
Level term insurance maintains a fixed premium for a specified period, typically ranging from 15 to 30 years.
“Premium stays the same for the term you buy, typically 15 to 30 years,” Howard said.
This aspect allows consumers to plan their finances without worrying about escalating costs over time.
Howard strongly encourages individuals who lack adequate protection for their families to consider level term insurance.
“So if you don’t have protection for those you love in your life, I want you to buy level term insurance,” he said.
Howard advised. He underscores that this coverage is simple and relatively affordable compared to other forms of life insurance.
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