Term Life Insurance
Often referred to as “Pure Life Insurance”. It is the straightforward and most affordable way to ensure Financial Protection for your loved ones. This type of Life Insurance comes with a set death benefit to be paid out if the Insured (you) pass away within a defined period, “the Term”.
When that period ends, the Policyholder has a few options:
1. Return of Premium – all your payments come back (half or full return available)
2. Renew it for a new Term
3. Make a switch and convert it to a permanent policy
4. Or simply let it lapse entirely if the Coverage is no longer needed.
This type of Life Insurance Policy had many had many uses over the years, Here is a sanerio that occurs frequently (How can I protect my family):
Mortgage Protection – Simply put, you can get a low cost and often money back policy (Return of Premium) on your home that will pay it off in the event you pass away. Best part, if you live a long happy life and don’t use the coverage.. the money comes back to you. Think of it as a savings account that has a tax-free death benefit.
Available Riders:
- Living Benefits – Lets you access a portion or all of your death benefit if a Doctor certifies you have: Terminal Illness (12-24 months to live), Chronic Illness- being unable to perform 2 of 6 activities of daily living. Critical Illness- Cancer, Heart Attack, Stroke, Major Ogan Failure
- Waiver of Premium Rider – Waives your premium payments if you become disabled and can’t work.
- Convertible Term Rider – Lets you convert your Term Policy in to a Permanent Policy (whole life or universal)
- Child Term – adds coverage for your children (15 days – 25 years old)
- Return of Premium – Refunds all or most of the premiums paid if you outlive the Term
- Accidental Death Benefit – Adds extra payout if you die die to an accident
- Spouse Term – Provides term coverage for your Spouse under your Policy
- Guaranteed Insurability – lets you buy more coverage later without providing Insurability
Support A Business
Do you own a small business or have a Partnership? Does the question ever cross your mind, “ How do I protect my Business?” If you’re a Key Employee or Co-Owner you’re extremely valuable to the Business Plan. The Planned Death Benefit can be useful to fund a buy-sell agreement, Replace lost Revenue with you gone, or fund the company until a replacement is hired. The idea is to keep the business afloat or give your business partner funds to buy out your share.
Replace Lost Income
How do I protect my kids or Spouse? Whether you’re a Veteran looking for lower cost Life Insurance, a Nurse with long daily commutes or simply the breadwinner taking care of a family. People depend on you and your income. If that goes away, where does that leave them? Providing a safety net is easier than you think. Giving them time to adjust financially is the solution. With a Term policy in place, the payout to your beneficiary will go to good use serving as a buffer for funeral costs, emergency savings or just a way to plan for a transitional period.
Pay For Children’s Education
The death benefit can be set aside to grow in a savings account or even an annuity to earn interest before the time comes for it to be used towards tuition, books, and living expenses during your loved one’s education. Give them the opportunity to have the college experience of their choice. From one graduate to another, it makes a difference.
Cover Temporary Needs
with a commitment to provide, placing a term policy correctly can coincide with years that your kids are dependent, for Example of a is 10 year term policy. Insuring their needs before becoming adults can be adequately taken care of.
Supplement Whole Life Insurance
During High risk or high need years this can be an additional policy that doesn’t make you commit to a high premium for the rest of your life. Supplement your work years while your financial responsibilities are at their peak.
Charitable Giving
Donate to a cause you care about, Name the charity as the Beneficiary of your Policy.
Term Life Highlights:
• Term Life Insurance promises to distribute a fixed death benefit to beneficiaries if the insured dies during the selected term.
• Premiums are determined by factors like age, health, and expected lifespan.
• Common Term length/duration includes: 10, 15, or 20 years, depending on the policy. Some being convertible & extendable with a Guaranteed Insurability
• Living Benefits
• No medical exams for instant approval products
• Fully underwritten available for better rates and term lengths.
When compared to a Whole Life Insurance Policy from the same provider, the premiums for a Term Life Poliicy are much lower. Whereas a Whole Life might end up costing between $200 to $300 monthly or more. This shorter term coverage lowers the cost and translates into savings for customers.