Term Life Insurance

Term Life Insurance

Term life insurance is the most commonly used type of coverage in today’s market place. It allows for families or businesses to have the appropriate amounts of coverage in place for very affordable prices.

Term life insurance is traditionally offered in durations of 10, 15, 20, and 30–year level contracts. The “Term” of each contract represents the number of years for which the policy will maintain a guaranteed level premium and death benefit. If the primary insured dies during this time frame, benefits will be paid to the beneficiary of the policy. If the Primary insured lives beyond the designated time frame and would like to continue coverage, he/she may do so in one of two ways. The insured can either pay the annually increasing premium of the Term policy or convert the contract to a Permanent Life Insurance policy. The conversion option is offered with almost every Term insurance policy available today, and does not require any medical information.

Benefits of Term Life Insurance

In recent years, Return of Premium (ROP) Term life insurance has also become a very popular option. Return of Premium Term life insurance is designed to refund 100% of the premiums paid, if the insured outlives the Level Premium Period. If you terminate an ROP Term insurance policy prior to maturity, you will not receive a 100% refund, and may even run the risk of not receiving a refund at all.

For additional information on Term Life insurance and Return of Premium Term Life insurance, call 1–800–817–4522 or request a Term Life Quote.