Where Insurance & Financial Planning Meet
Term
Term Life Insurance Provides Coverage for a Limited Time or Term. Which Term Policy Is Right For You? Explore, Obtain A Quote, & Apply
- Increasing Premium Annual Renewable Term
- Guaranteed Premium 10-Year Term
- Guaranteed Premium 15-Year Term
- Guaranteed Premium 20-Year Term
- Guaranteed Premium 25-Year Term
- Guaranteed Premium 30-Year Term
Term insurance is appropriate when you have coverage needs with a finite duration, or you require permanent coverage, but the premium is not affordable today. For example, if your insurance need is greater than 30 years, then term life insurance is probably the wrong product.
Term Policy Types
Annually Renewable Term
Term life insurance characterized by a level death benefit, a premium that increases at each annual policy renewal, and no cash-value accumulation.
Level Premium Policies
The annual premiums are fixed for a specified period of time, typically 5, 10, 15, 20 or 30 years. At the end of the fixed premium period the policy may continue in-force as annually renewable term with a significant premium escalation. The death benefit remains constant, and there are no accumulated cash values.
Return of Premium
Some life insurance companies offer a variation on a level term life insurance called ” Return of Premium ” or (ROP) life insurance. An ROP policy guarantees to return to the policy owner the premiums paid if the insured survives to the end of the guaranteed term period. In some cases, this feature is part of the policy, and in other cases, it is an optional rider.
Term Life Insurance Policy Options
Annually Renewable or Level Premium policies may have optional benefits for additional premiums.
Guaranteed Renewable
This provision allows the policy to be renewed at the end of the term without the insured having to show that he or she is still insurable.
Convertable
Provides the insured the option to convert a term policy to a permanent policy, usually without having to prove good health.
Accidental Death
Pays the beneficiaries double (in some situations triple) the face amount of the policy if the insured dies in an accident.
Disability Waiver of Premium
Waives the payment of policy premiums if the insured becomes disabled and unable to work.
