Term Life Insurance
Affordable protection for a specific period of time with flexible options
Term Life Insurance
Term life insurance, as its name suggests, is insurance for a specific period of time. This can be for 5, 10, 15, 20, 25, or 30 years. This contract generally expires at ages 75, 80, 85, or 100. The premiums you pay for the selected period are generally fixed. They increase in price upon renewal, once the selected term has been reached.
These insurance policies are low-cost; the premiums payable for this type of policy are very affordable. They are ideal for protecting the family at the lowest price. They protect against short-term debt and mortgage payments. They also provide a supplemental income for the surviving spouse to cover the family
These plans have two very important features: automatic renewal and the right to convert.
Automatic Renewal
Automatic renewal allows you to continue with another, equal term after the contracted term expires without having to provide proof of insurability.
Right to Convert
The right to convert gives the policyholder the option of converting the Term policy to Permanent at a later date. The advantage is that the insured can exercise this right whenever they want and without having to undergo medical examinations to prove their health. If their health were to deteriorate and they were no longer insurable under normal conditions, they would have the right to keep their Life Insurance policy for life.