November 22, 2017

Term Life Insurance

Term life insurance is designed to provide life insurance protection for a limited time. Different term periods exist, but the most popular are 5 year, 10 year, 20 year, and 30 year. The policy is payable only if the insured dies during the term period. If the insured survives the term of the policy, the insurance company has fulfilled its par of the contract and no payment or refund is due.

Several different types of Term Life Insurance exist but they are all centered around the above description.

Renewable Term Policy is one that may be renewed at the end of the term period for another term period without evidence of insurability. The renewable feature must be written into the original policy at the time of purchase. Of course, the rate will change also when the policy is renewed; based on the insured’s age.

Convertible Term Policy allows the policy owner to convert or exchange the temporary protection into permanent protection without evidence of insurability.

Level Term provides a level death benefit and level premium.

Decreasing Term has the feature that the face amount of the death benefit decreases over time to zero at the end. The premium remains level during the term but at a different rate than term.

Increasing Term is basically the opposite of decreasing term. The death benefit increases over the term of the policy.

We provide term life insurance from the following companies:

  • Genworth
  • ING
  • BannerLife
  • Assurity
  • Union Central
  • Minnesota Life
  • RBC
  • MetLife
  • Protective Live
  • West Coast Life

and many more…

(Read more about the advantages and disadvantages of Term Life Insurance…)

TERM LIFE INSURANCE CHOICES

20-Year Term Life Insurance offers pure insurance protection and may be ideal when you need life insurance to protect your family or your business but dollars are scarce. It does not build cash value like a permanent or whole life policy, and it is not eligible for dividends.

Five-Year Term Life Insurance can be appropriate when coverage is needed for a well-defined period of time. If the insured were to die, insurance proceeds could be used to help pay a mortgage, fund a child’s education or ensure business continuation by helping to cover business expenses.

Family Protection Life Insurance is a unique product that offers affordable life insurance protection for the entire family under one policy. The policy covers two adults. The premium is guaranteed level for the first 10 years and increases annually after that.

Increasing Premium Term (IPT) Insurance offers pure insurance protection and may be ideal when you need life insurance to protect your family or your business but dollars are scarce.

Term to age 90 Life Insurance offers affordable life insurance protection until the policyowner reaches age 90. The premium is guaranteed to remain level for the first 10 years. Beginning in the 11th year premiums increase annually.