Secure Temporary Protection with Term Life Insurance

Affordable coverage for a specific term, ideal for temporary needs

What is Term Life Insurance?

Term Life Insurance provides coverage for a specific period, or 'term,' typically ranging from 10 to 30 years. It's designed to offer affordable protection during key life stages, such as raising children or paying off a mortgage. However, it's crucial to understand that Term Life Insurance provides temporary protection, and there are important considerations to keep in mind.

Key Features and Considerations of Term Life Insurance:

  • Limited Term Coverage:

    • Coverage is provided for a specific term, typically up to 30 years, with the policy expiring before the insured reaches age 85.

  • Age Eligibility:

    • Available for individuals aged 18 to 75.

  • Affordable Premiums:

    • Term Life Insurance generally offers lower premiums compared to permanent life insurance options, making it an attractive choice for those on a budget.

  • Terminal Illness Benefit:

    • Provides access to a portion of the death benefit if diagnosed with a terminal illness.

  • Important Considerations:

    • At the end of the term, the policy expires, and you lose all the premiums paid. This means you will no longer have coverage.

    • If you need coverage beyond the term, you will have to seek new coverage, which may be significantly more expensive due to your older age and potential changes in health.

    • Depending on your health at the end of the term, you may not qualify for new coverage at all.

Why Consider Term Life Insurance?

Temporary Protection:

  • Ideal for covering temporary financial needs, such as a mortgage or children's education.

  1. Budget-Friendly:

    • Offers affordable premiums for those seeking coverage within a limited budget.

 FAQs

  • Term Life Insurance provides coverage for a specific period, or "term," typically ranging from 10 to 30 years. It pays a death benefit if the insured dies during the policy's term.

  • The term can vary, typically from 10 to 30 years, depending on the policy you choose. The policy will expire before the insured reaches the age of 85.

  • Individuals aged 18 to 75 are generally eligible for Term Life Insurance.

  • At the end of the term, the policy expires, and coverage ceases. There is no cash value payout.

  • Yes, premiums are typically fixed for the duration of the term.

  • It depends on the policy and the amount of coverage. Some policies may require a medical exam, while others may not.

  • The primary benefit is the death benefit, which is paid to your beneficiaries if you die during the term. This policy that we offer also includes the terminal illness benefit.

  • The Terminal Illness Benefit allows you to access a portion of your death benefit if you are diagnosed with a terminal illness.

  • The primary drawbacks are that the policy expires at the end of the term, and you lose all premiums paid. If you need coverage beyond the term, you may have difficulty obtaining new coverage at an older age or with health issues.

  • Because it is temporary and does not build cash value, it is not ideal for lifelong protection or building a financial legacy.

  • Permanent life insurance options, such as Whole Life or Index Universal Life, provide lifelong coverage and build cash value.

  • No, your coverage and premiums are fixed for the duration of the term. However, if you need new coverage after the term expires, your health will be a factor.

  • Term Life Insurance may be suitable for individuals with temporary financial needs, such as covering a mortgage or providing for children's education during a specific period.

  • Consider your financial obligations, such as debts, living expenses, and future needs. We can help you assess your needs and determine the appropriate coverage amount.

  • You can apply online, over the phone, or by contacting our office. We will guide you through the application process.