Term Life Insurance

Term Life Insurance offers a policy owner a level fixed premium for a set number or years chosen in exchange for a life insurance amount.  Normally an insured can choose 10, 20, or even 30 years if they are young enough when they apply. Term Life Insurance is used to protect beneficiaries against an insured’s premature death. These plans are very popular with parents trying to protect their young families, new home owners with a mortgage, or business owners who may need to secure a loan.

When the level term period ends most policies become annually renewable at increasing rate each year. At that point most policy owners opt to drop the coverage entirely as their liabilities have been satisfied, pick up a new policy elsewhere, or may have a conversion option they can use to change their coverage to a permanent policy with the same company.

Term life insurance also has the lowest chance of a possible payout since the plans do not normally last to an insured’s life expectancy but the coverage does help get the most amount of benefit at the lowest price. These plans do not build cash value but do often offer some living benefits in the event a sever health crisis. Also some term life plans can offer a lump sum return of all premiums paid at the end of the fixed term period in exchange for a higher rate. If you have a young family, a mortgage, or need the most amount of coverage for a limited time Term Life Insurance is most likely your best option. To get your Term Life Insurance rate see below!

Scroll to Top