Term Insurance is a temporary and cost-effective coverage with the opportunity to change should your needs change.
Term insurance provides:
- An affordable way to get maximum coverage
- To cover specific financial responsibilities like a mortgage or college expenses
- Can provide guaranteed protection for 10,15,20, or 30 years with the option to convert or renew the policy depending on your age.
- If you choose to convert a term policy to a permanent insurance policy you would not be required to take a medical exam or provide proof of insurability. The premiums would change to reflect the original medical rating class along with the age of the insured at the time the conversion took place.
- Term policies can be renewed after the original term period expires, although the premiums will be much higher and will continue to rise each year.
- As with other Life Insurance Policies the death benefit from a term policy is tax-free.
- There can be several optional riders added to a term policy including Disability Waiver of Premium, Convertible Waiver of Premium, and Long Term Care Purchase Option. These riders can differ amongst insurance carriers and specific policies.
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