Term Life Insurance

Term insurance is a type of life insurance policy that provides coverage for a certain period of time such as 10, 15, 20, or 30 years. 

Your premium will be calculated based on your age, gender, health, and if you participate in any hazardous hobbies.

Many policies offer level premiums (Rates do not increase)for the duration of the policy (Your monthly payment will never increase as long as you continue making the payment).  

If the insured dies during the time period specified in the policy and the policy is active, or in force, a death benefit will be paid depending on the amount insured ($100,000-$1,000,000).

Term insurance is initially much less expensive when compared to Permanent (Whole) Life insurance. Unlike most types of permanent insurance, Term Insurance has no cash value. In other words, the only value is the guaranteed death benefit from the policy.  

Additionally, many Insurance carriers, but not all, now offer policies with Living Benefits.                  

Ideal age of Policy holders: 18-75 years old.  

Many policy holder have a Term policy due to them wanting to have something in place for just in case at a low cost to them.    

No cost conversion feature allows you to convert your Term policy to a Permanent insurance product with no additional evidence of insurability. Depending on the duration of your policy, you can convert your policy to a Permanent Insurance (Whole life or IUL) without any medical examinations.

The conversion (To Convert to a Permanent Policy) periods are: __ years from the Term policy date of issue or age 70 if sooner.

- 10 Years Policy, within 10 yrs) 

- 15 Years Policy, within 12 yrs)

- 20 Years Policy, within 15 yrs)

- 30 Years Policy, within 20 yrs)

The new permanent policy will be issued at an equivalent Rate Class regardless of changes in health.