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What is Term Insurance?
​Term Insurance provides extra security for your life when you need it most. The coverage lasts for a specified period of time, or a term. Term coverage is perfect for added protection when buying your first home, having your first baby, or newly wed couples. Term is less expensive than whole life but still protects your loved ones with high coverage amounts when they need it most. People who purchase term insurance a low risk, so they get more coverage for less money. Most term products have a guaranteed level premium so you will have the comfort of knowing exactly how much your life insurance protection will cost you during the period of your term coverage. Discover the flexibility of term, the non-permanent option.
Why Should I Buy Term?
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Are you starting a family?
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Are you in the process of buying your first home?
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Are you looking to cover a short term debt?
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Do you want to protect your income from unforeseeable circumstances?
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Do you want to protect your children or grand-children with a term policy?
How Term Insurance Works
Term Policies can have many different increments.
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Common increments are 10, 15, 20, 25 and 30 years.
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Meaning these policies only last for this specified time, after that you need a new policy.
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Some Term policies can be converted into a whole life policy or, renew for another specified period after the term has ended.
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This gives you the flexibility to change your plan as your life changes.
Common Riders
Riders can be added to a policy for additional cost and protection
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Critical Illness Rider
This allows you to accelerate a portion of your term insurance amount as a lump sum payment if you are diagnosed with a certain illness or undergo certain medical procedures. Meaning you get to cash out some early.
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Disability Income Protection
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Waiver of Premium Rider: Waives your premium payments if you become totally disabled and unable to work. Yep, that means you won't pay if you can't work anymore. So you get to keep your policy and protection.
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Accidental Death Coverage
Extra money will be paid to your beneficiary if you die in an accident rather than a natural cause.
Premium Rates, length of the Term Life Insurance policy, and products available will depend on age, health, and the state the policy is being written in.
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