Short Term Life Insurance in Pennsylvania – Is this Right for You?
Reader’s Question:
I just moved here in Pennsylvania for a new job and I don’t think I’ll be staying here for more than 2 years. Is it a good idea for me to buy short term life insurance?
Morty
Philadelphia, PA
Good question. Short term life insurance, by definition, is a type of life insurance coverage which provides life and/or accidental death coverage for a very short period of time (less than a year). Short term life coverage is mainly used to cover gaps when a person is transitioning from one group insurance plan to another (like switching from one job/ employer to the next).
Why Should You Get Short Term Life Insurance?
Like what was mentioned above, if you’re in between jobs this kind of policy can be a great way to make sure your dependents are still financially covered. Term periods can typically last from six months to a year. This kind of policy is actually very easy to purchase, often not requiring any extensive medical examinations. Many life insurance companies today offer this type of coverage. You can even buy a policy online and never have to come in to any office to complete the application and coverage process. Compared to other forms of life insurance, this type of coverage is inexpensive.
Things to Keep in Mind
If you are interested in purchasing this kind of life insurance, make sure to go with a policy that guarantees level premiums. You don’t want your policy increasing unexpectedly. You should also go with a provider that offers a renewable short-term policy if you’re unsure how long you’re going to need the coverage. Life insurance comparison websites (like this one) can help you compare the latest rates and offers in the market today.