Who Needs Term Life Insurance?

Conversations about life insurance are awkward at best. Coming to the realization that you or a loved one wouldn’t always be around could be quite difficult. There’s often a lot of apprehension talking about life insurance, but you should. In this blog, we’ll discuss what term life insurance is and who exactly needs it. 

Understanding Term Life Insurance

First, let’s get a deeper understanding of what this type of insurance is exactly. Term life insurance is considered, by many, the simplest, most accessible and most affordable form of life insurance. 


As the name states, it’s a policy that lasts a defined length of time, typically 10, 20, or 30 years. 

Should the policyholder die during the term, their named beneficiaries will receive a predetermined payout, known as a death benefit.

How Does Term Life Insurance Work?

The policyholder is required to pay their regular premiums on time. If that policyholder passes away during the term, the insurer then pays out the death benefit to their beneficiaries. However, if a policyholder lives past the end of the term, the benefit is not paid.

The Importance

Financial Protection for Loved Ones

Providing financial protection to your loved ones is the primary reason people purchase this type of insurance. This gives your loved ones the ability to cover living expenses, clear debts, and maintain their lifestyle after you’re gone.

Who Benefits Most from Term Life Insurance?

Parents With Young Children

If you’re a parent, then you will want to use this type of insurance to secure the financial future of your children. This can provide for their upbringing and education should anything happen to you.

Couples With Joint Debts or Shared Financial Obligations

Couples that have shared debts or financial obligations will find that term life insurance can provide peace of mind that these obligations will be taken care of should one partner pass away.

Business Owners

Business owners might be inclined to take out term life insurance to cover their business debts or to provide a greater financial cushion for their business’s continuation after their death.

Finding the right life insurance can be challenging, but Louisiana Farm Bureau Life Insurance is here to help. Protect yourself by having a high-quality life insurance policy. Get started and get a quote today.