In every family unit, there always remains a risk that a family member will die and, as a result, the surviving family members will incur certain expenses and may be left without the main breadwinner to support the family. A recent review of funeral costs indicates that a moderately priced funeral and memorial service will start at about $8,500 and according to the National Funeral Directors Association, you can expect prices to double over the next ten years. Knowing this, every family should prepare for these costs, and there is no more economical way to do so than Term Life Insurance for the Family.
Why use Term Life Insurance?
The best and simplest way to prepare for the worst to happen is with a life insurance policy purchased from a highly rated and reputable 
company. The most economical way to accomplish this is with a Level Term insurance policy. Term insurance is very economical because you are paying only for the cost of insurance plus the policy fee for the term of the policy that you selected.
The policy can be purchased on an annual basis or for terms of 5, 10, 20, and even terms of 30 years. In most cases, when the term is about to expire, the company will offer a renewal policy based on the age of the insured at that time. Yes, the renewal will be higher but, the insured is still only paying the cost of insurance plus a policy fee. In many cases, you may not need the same amount of insurance at renewal because you will typically have less debt and may have paid off the mortgage. Therefore, the face amount can be reduced, which will result in a lower premium.
More than just a Death Benefit
By utilizing Term insurance for the family, you will have an affordable policy (especially if purchased early in the family years) that is not only guaranteed but contains Terminal illness benefits instead of only a death benefit. Most insurance companies offer a Terminal Illness Benefit (at no additional charge) which allows the policyholder to access up to 100% of the death benefit if diagnosed with a terminal illness or must spend the remainder of their lives in a nursing home due to a terminal illness.
Also, many companies will allow you to convert all or a portion of your policy to a permanent policy (whole life or universal life) without proof of insurability. This is very important since most people decide to convert because an illness of some sort has been diagnosed, and they are concerned they may outlive their term policy.
Having life insurance for the family is very easy with a Term Insurance Policy. The named insured (head of household) is the primary named insured in the policy. The spouse can be then added as an additional insured for a face amount up to the limit of the named insured.
Most companies will also allow the children to be covered by using the Child Term Rider, which is an efficient way to have all family members covered. By using the Child Term Rider, the policy fee that would be included on a separate policy for each child is eliminated. The CTR death benefit will cover all children in the household and any children born or adopted after the policy is issued.
If the company does not offer this rider, then simply take out separate policies on the children since the cost will be minimal. Most parents are reluctant to discuss insurance for the children, and that is certainly understandable. But the fact remains that Term Insurance on a child or teenager is priced very low, so why take the chance of having to pay out of pocket for funeral expenses if the worst should happen. It would be hard enough to deal with the grief of your child passing and then having to borrow money to pay for a funeral and memorial or even worse, having to ask other family members to contribute because you were not prepared.
The Conversion Privilege
By using a Term insurance policy, you have created a life insurance family plan at a very reasonable cost that will provide the benefits needed when the worst thing happens. Yes, an accidental death policy is cheaper, but do you want a cheap insurance policy or a good 
insurance policy?
Another great benefit of using term insurance is the conversion privilege that will allow you to convert your term policy into a permanent policy like universal or whole life without having to show proof that you are still healthy. This means that rather than letting your term insurance expire because you have decided to buy a lower amount of permanent insurance, you can convert all or a portion of the term policy to permanent insurance and not be concerned about any health issues that you or your spouse may have developed along the way.
Yes, your new permanent policy will be priced based on the new permanent product and your new age at conversion, but you likely to need less life insurance at this stage in your life and you won’t have to deal with questions about your health or a medical exam.
Find the Best Term Insurance Rates for Your Family
As an independent insurance agency, LifeQuotesASAP represents many of the highly-rated insurance companies that offer low-cost Term Life Insurance. Our insurance professionals will shop your life insurance policy with multiple companies to find the most affordable solution for you and your family members.