Term-Life Insurance

Term Life Insurance

Life insurance is an uncomfortable topic to discuss. The different types of life policies available can also be confusing. Life Insurance is also one of the most important types of insurance you can provide for your loved ones. Life insurance coverage will provide financial protection in the event of your death. Not only are there financial expenses associated with a death, your loved ones may also need income provided to them after you have passed. Term Life Insurance will be the most cost effective way to provide this coverage.

What is Term Life Insurance?

Term Life Insurance is a life insurance policy with a guaranteed death benefit for a specified amount of time/years. A Term Life policy is offered typically for 10, 15, 20 or 30 years. The cost of your policy will not increase during the life of the policy. These types of policies typically expire before the insured’s death and provide zero cash growth. If you should out live the life of your policy expiration date you will not receive any monetary benefit unless you have included a policy rider, called Return of Premium Rider. This Rider can be purchased in addition to the term policy and will add an additional premium expense to the policy.

Simple and Convenient

Term life insurance is simple to comprehend and usually the most inexpensive way to purchase life insurance. Our term life insurance policies are specifically designed to take care of your family in the event that you should pass away before the policy expiration date as long as the premiums are paid. Your family will have a guaranteed death benefit for a specific period of time.

Understanding Death Benefits

The death benefit paid to your family, from a Term Life policy, will be paid in a lump sum typically tax-free.

Converting Your Policy

The Term Life policies we offer can be converted, within a specific time frame, into a Permanent Life policy. The Term Conversion option will allow you to change the policy if something should happen and you were to become uninsurable. This option can be utilized without additional underwriting, but the premium will increase based on the amount of coverage and your age at the time of the conversion. Keep in mind; the premiums for a Permanent policy are also more expensive than Term Insurance.