LIFE INSURANCE- RETIREMENT - SENIOR BENEFITS
SERVING TEXAS, UTAH, OHIO, VIRGINIA, NORTH CAROLINA, SOUTH CAROLINA, MARYLAND, MISSISSIPPI, GEORGIA
TERM LIFE INSURANCE
Term Life Insurance
- Coverage offers the maximum amount of death benefit for the minimum amount of premium. Term insurance is only valid for a specified Term, and after it expires your beneficiary would receive no benefit.
- Common lengths of Term Life Insurance are 10 year Term, 15 year Term, & 20 year Term. However Term Life Insurance can be written for 1-30 years depending on the company that you choose.
- Term insurance is written based on the issue age. If you are 25 years old when you receive a 10 year policy you will get a much cheaper premium, than when you renew your policy 10 years later at age 35. Some
- Term policies are renewable which means that at the end of the term, you may be able to purchase an additional policy regardless of your health status. However, the premium would still increase based upon the age that you are when you renew.
- Some Term Life Insurance Policies are convertible, meaning that you may be able to convert your Term Life Insurance to a Permanent Life insurance Policy with out undergoing an evaluation.
There are several types of Term Insurance including:
- Level Term
provides a level death benefit for the life of the term
- Increasing Term
provides an increased benefit the longer the policy is in force
- Decreasing term provides a benefit that decreases the longer the policy is in force (generally used for mortgages and payment of debts. When the debt is paid, there is no longer a need for a greater amount of coverage)
- Single Premium coverage is offered when Term Life Insurance is purchase with a lump sum.
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