Term Life Insurance: A Financial Back-To-School Basic

Author: Ivon T. Hughes

Term life insurance is unfortunately something that many parents ignore. They buy the latest teaching aids for their children but then fail to guarantee their children's education by carrying sufficient life insurance coverage.

Term life insurance is for a parent who is worried about a child's education and having the financial protection that life insurance can offer," says Ivon T. Hughes of The Hughes Trustco Group "Without term insurance protection, every parent's best laid education plans will fall apart if an underinsured parent dies".

Regardless of your income or assets, term life insurance is the key to protecting the financial future of your loved ones as it offers the greatest protection for the lowest cost.

Surveys show that roughly one-third of North American adults have no term life insurance protection. Four in 10 single parents have no life insurance coverage of any kind. Nearly half of North Americans are worried that if they die tomorrow their families would not be financially secure.

Term life insurance offers protection; without it, financial security is illusory. In the case of premature death, life insurance helps families pay for living expenses -- including mortgage and education payments -- when the income of a loved one is lost. Without this protection, the resulting financial stress frequently undermines all other goals.

Term insurance can protect against sharp reductions in living standards by replacing assets cut short by premature death. For example, a family's retirement plans will be reduced, simply because the individual's death interrupts the deposit and long-term growth of the assets. Business owners and those with significant assets also use term life insurance to pass assets to their children in a tax-efficient manner or as a vehicle for charitable gifts. Without life insurance's tax free payment, many families would lose the family business or fail to leave a lasting legacy to their favorite charity.

Term life protection remains the foundation of your family and your financial programs. Death often strikes suddenly, so goals that require continuing funding such as a child's education are especially vulnerable.

Term insurance is one back-to-school basic parents should simply not live without and you can get your quotes send to you now.