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Term Life Insurance
Term life is the simplest form of life insurance. It provides a pure death benefit. The policy will cover the insured for a specified period of time (the “term”), such as 10 or 20 years, or until a specified age. If you purchase term life insurance at a younger age, you can usually buy more at a lower cost.
Term insurance generally does not build a “cash value.” At the end of the term period, the policy typically terminates without any remaining benefits or monetary value.
Term insurance is ideally suited to cover specific needs that may decrease or disappear over time
Following are two common provisions of term insurance policies you may wish to consider during the purchase of a term life insurance policy.
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Guaranteed Renewable Privilege — allows the insured to renew the policy without having to prove insurability. (You do not have to be in good health.)
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Conversion Privilege — guarantees the insured the right to convert a term policy to a permanent policy, without having to prove insurability.
There are three major types of term life insurance:
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Level — The death benefit stays the same throughout the policy term and premiums typically remain constant.
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Increasing — The death benefit increases by specific amounts and at intervals as specified in the policy. Premiums normally increase along with the benefit.
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Decreasing — The death benefit decreases periodically as specified by the policy. Premiums typically remain constant throughout the policy term.
Check below for an quote for Term Life Insurance
To learn more, contact an agent today.
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Quantricia Inman
Life and Health Insurance Agent
As a licensed agent and agency principle of InCompass USA, I am committed to providing simplified insurance solutions and quoting catered to an individual's, family's or small business' particular needs. Although there is not a one size fits all benefits package, the experience will be easy and enjoyable, all the same. It's as simple as you tell me what type of coverage you want, and I will create the package for you. Or, if you are not sure what insurance coverages are available to you, you and I can simply talk and I'll show you carrier highlights based on your personalized needs assessment.