What is term life insurance?
Term insurance is pure protection, like fire insurance or auto insurance. Its sole function is to support your family if you die.
You can buy large amounts of coverage for modest amounts of money - and big policies are what your spouse and children need.
- Term life insurance is affordable
- Easy-to-understand coverage
- Gives you flexible protection.
Your insurance costs is guaranteed for a specific period of time (10, 20, 30..year terms) until it renews for another term. If you die while the policy is in effect, a tax-free payment will go to the beneficiary. And with most term policies, you can also convert your coverage to permanent insurance regardless of any changes to your health, occupation or lifestyle.
Why term life insurance?
Term insurance protects what’s important in life by providing for those left behind. Here are just some of the reasons people choose term:
- You want to ensure his mortgage is paid so your family can stay in their home.
- You want to leave an education fund for their children.
- You want to replace her income so your family can continue to cover day-to-day expenses.
- You want to ensure that funds are available to cover your final expenses.
- You want to fund the buy-sell agreement for your business.
Below is some term insurance plans to meet your unique needs and financial obligations:
10 year renewable and convertible term: Coverage at the lowest initial cost with premiums renewing every lO years to age 85 or may be converted to permanent insurance until the policy anniversary nearest age 75.
- 20 year renewable and convertible term: Affordable coverage for a longer initial premium pay ment period withpremiums renewing every 20 years to age 85 or may be converted to permanent insurance until the policy anniversary nearest age 75.
- Term 30/65: Lowest overall cost for 30 years of coverage. Premiums are payable to the later of 30 years and age 65, with no premium increases.
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