Term Life Insurance

Term life insurance provides coverage for a limited time period and is initially more affordable than permanent life insurance. Term life policies do not have a cash value feature. This means that the coverage pays the face value of the policy during the specified term of the policy, which can be from one to thirty years. If no claims are made during the coverage period, money is not paid out and the policy expires. Premiums for term life increase over time as
the policyholder ages.

Affordable

Security

Term Life Insurance Benefits
Affordable	Term life insurance is generally less expensive than permanent life insurance, at least initially, allowing you to have important coverage, while staying within your budget.
Flexible	Some policies allow you to renew without a medical exam. Some policies allow you to switch to a permanent life insurance policy without a medical exam.
Added Security	Term life policies can provide additional coverage during times when you have extra expenses, such as college tuition.
Tax Advantages	Death benefits are generally not subject to income tax.

Types of Term Insurance
	Term	Premium	Death Benefit
Annual Renewable Term	One year, renewable	Increases annually with each renewal	Constant
Long-Term Level Premium	Fixed for a specified period, usually 5, 10, 15, or 20 years	Level	Constant
Decreasing Term	Fixed for a specified period, usually 5, 10, 15, or 20 years	Level	Decreases over time

Optional Policy Provisions
Renewable Policy	Allows the policy to be renewed at the end of the term without having to prove that the policyholder is still insurable
Convertible Policy	Allows a term policy to be converted to a permanent one, usually without having to prove good health
Waiver of Premium	Allows the policyholder to stop paying premiums should he or she have to stop working because of disability
Accidental Death Coverage	Pays the beneficiaries double, or even triple, the face amount of the policy if the insured dies in an accident
Accelerated Death Benefit	Allows for payment of part of the death benefit while the insured is still alive, although usually only when the insured is expected to die within a short period of time

Speak with a BB&T Insurance Services agent about the right policy for you.

Calculators

How much life insurance do I really need?