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Common Cents departments
Sep/Oct 2011 Issue

Six key points to term life insurance

Life insurance is a good step toward protecting your family financially, but consumers often become lost in the industry lingo. When shopping for insurance, keep in mind there are two major types of life insurance: whole and term life.

Whole–also called permanent–life insurance pays a benefit whenever you die. Term insurance is life insurance in its simplest form and pays a benefit if death occurs during the term of the policy. Other points to term life insurance include:

  • Policy holders can pay a level premium for the term and the death benefit stays the same throughout the term’s duration.
  • Term life can cover needs that will disappear over time, such as until your children graduate college or your mortgage is paid.
  • Level term life allows you to lock in a guaranteed premium, usually over 10–30 years. Premiums will not go up as the policyholder ages.
  • Term insurance premiums are usually less expensive than whole life.
  • Return of Premium (ROP) can be added to a term life policy so that if you live to the end of your term, all of the premiums paid are returned to you.
  • A life insurance specialist can help you calculate how much coverage you’ll need, but begin by considering funeral and estate closing costs, the number of dependents you have and the salary that would have to be replaced upon your death.

Get a term life quote online at AAA.com/life or call (855) 558-5433 to speak to a life insurance specialist.

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Avoid costly car repair bills

Motorists who take care of routine automotive maintenance will invest their time now to save money down the road.

October is Car Care Month. Remember AAA has its Approved Auto Repair (AAR) network of facilities to assist you in keeping your car running efficiently and safely. Some may even offer member repair discounts.

A free online maintenance system, AutoManager, can remind you when service is due for your vehicle.

Another online tool, Auto Diagnostics Center, can help you identify those weird noises coming from under the hood and give a general estimate on repairs.

Visit AAA.com/automotive or call (800) 222-7623, ext. 6821 for details.

 


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