Term Life Insurance
Term life insurance can be a great way to obtain insurance at low cost. Term life insurance is most appropriate when the death benefit need is large and the premiums for whole life insurance are not affordable. The caveat is that term insurance only lasts for a specific period time and then the policy will lapse or renew at much higher premium rates. Term life insurance is designed to be temporary coverage.
10-Year Level Term– Low cost level premiums for 10 years.
20-Year Level Term- Low cost level premiums for 20 years
30-Year Level Term- Low cost level premiums for 30 years
When purchasing a term life insurance policy you should consider additional features of your term life insurance program such as:
1. Convertibility- Is there a specific period of time that the policy can be converted to a permanent insurance policy such as whole life insurance? Is there an extra charge?
2. Waiver of Premium- Will the insurance company pay for your premiums if you become disabled?
3. Accelerated Death Benefit- Will you have access to the cash if you become terminally ill?