Term Life

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Financial worries often come along
at the worst time.

Term life insurance can play an important role in your family's well-being, replacing lost income to help pay off:

  • Business buyout
  • College education
  • Consumer debt
  • Dependent care
  • Mortgages

We can help you find the right policy for you and your family. Contact an agent at our Life and Health Sales Center. Get peace of mind today.

Coverage

  • Annual renewable term (ART) insurance has premiums that are paid for one year, but the policy is guaranteed to continue each year for 10 to 30 years. As the insured person ages, the premiums increase, eventually exceeding the cost of a permanent life policy.
  • Level term life is much more common than ART insurance and has both fixed rates and a fixed death benefit. Although the initial premiums of level term life insurance may be higher than other types of term insurance, the premium never increases and the benefit never decreases.

    Since the premiums are predictable and affordable, level term may be the best option for families with young children, a stable income, and the need for long-term financial protection.

MyTerm life insurance helps provide temporary protection and is usually less expensive, initially, than permanent life insurance. MyTerm offers monthly premiums for 10-, 20- or 30-year “terms,” and there's no medical exam delay.

When to Buy

Term life insurance is simply a death benefit; its primary use is to cover a family’s financial responsibilities like funeral costs and mortgages. Term insurance is used purely for income replacement. For example, to replace the salary of the primary bread winner when a family has young children who rely on the parent’s income.

Term life insurance is not generally used for:

  • Estate planning
  • Charitable giving

Term vs. Permanent

Term life policies are generally less expensive than permanent life policies but, offer death benefits only. If you live beyond the “term” of the policy, you (or your family members) get no money back. However, if you need coverage for a short, specific term, say for 10 years until your youngest child finishes college, term insurance can be an affordable way to protect and provide for your family.

One of the challenges with a term policy is proving insurability for renewal. An individual with a terminal illness and a life expectancy of 6 months, for example, would be uninsurable.

Our insurance specialists can run a term vs. permanent life insurance analysis for you to determine which product better suits the needs of you and your family.

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