Basics of term life insurance

To put it simply, term life insurance coverage is a coverage type that covers you (i.e., the policyholder) for a specific amount of time. Depending on the company, term lengths can range from one year to 30 years. You decide the coverage amount and then pay your premiums to maintain the account. If you so happen to die during your policy term, your beneficiaries will file a claim and, upon approval, receive the death benefit payout.

While this method has been tried and true in the insurance game for decades (centuries, even), some people want more personalized coverage. It often isn’t easy to find under the more traditional methods of purchasing a policy. For instance, historically, you had to rely on term life insurance calculators and insurance agents or brokers handled the account which may have made it more difficult to make changes to the policy. Now, agents do great work. It’s just that insurtech has made the whole customer journey a lot smoother.

Why do customers need flexible life insurance?

Let’s say you’re a recent college graduate. You may be adjusting to the adult world. You may be hitting certain milestones, like living on your own, starting your career, traveling, and the like. You hear someone mention that buying life insurance is a smart financial decision.

But we can’t predict the future. So we can’t know what our exact needs are going to be 5, 10 or even 15 years from now, let alone 30. Goals and priorities shift all the time. Let’s compare some milestone periods to get a better picture of why flexible life insurance is key.
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You’re single

‍Just because you’re single doesn’t mean you can’t be responsible for others. If you have private loans of some kind with cosigners, those cosigners may be on the hook for paying off those debts if you were to die. Or, if you have roommates, will they be able to pay your share of the rent if you die? Term life insurance coverage can help cover those outstanding debts.

You’re married

You and your spouse are sharing a life together and, presumably, life expenses. Some states have debt forgiveness, so to speak, upon death. But you don’t want to leave your spouse with things like car expenses, debt and costs (like a mortgage). As of late 2022, mortgage rates are going up and the average monthly home payment can be as high as $2,000! Protecting yourself (and your spouse) is a great reason to get  flexible life insurance coverage.

You’re a parent

Wanting to protect your children is one of the major reasons people purchase life insurance. Whether it’s replacing income now or setting their educational futures up for success, parents often want to make sure their kids are protected and taken care of.

You’re an empty nester

‍So the kids are gone. Your life may have slowed down a bit. Even if you’ve tackled some of your debts and your kids are financially stable, there’s still costs to consider. Morbid as it may be, you’ll need to think about funeral expenses and maybe medical debt.

The power of Wysh’s flexible life insurance coverage

We understand that life shifts, grows and changes. Just ‘cause you’ve calculated the right amount for right now, doesn’t mean it’s always going to be that way. That’s why it’s important for our policyholders to be able to adjust their term life insurance coverage so that it fits with their unique needs. In addition, riders can be added to plans that further provide a policy that’s uniquely yours.

Accelerated Death Benefit

This rider allows a terminally ill policyholder to use their money to get their affairs in order while they’re still alive. That way, their loved ones can be taken care of during that difficult period.

Manual increase/decrease of coverage

There’s a chance you may be over-insured on your coverage. If that happens, you can lower your coverage amount, and thus your premium amount (i.e., that monthly cost). On the flip side, if you’re wondering, “can I increase my life insurance coverage?,” the answer is yes. Increase your coverage as your needs change.

Extend to 65

All our policies give you the option to extend your policy until you’re 65. It’s great to know you can be covered until retirement age and set yourself up, with the right amount of coverage, for the next phase of your life.

Flexible term life insurance coverage for you

Wysh understands that having flexible life insurance coverage puts the power into the hands of our policyholders. You know what’s best for your needs and the needs of your family. Plus you know your own story better than anyone else. You know how your needs changed and how they’re changing. Having flexible life insurance backing you up means those needs can be met, however they arise.