Term insurance is one of the many life insurance solutions designed to help safeguard your family's dreams. Term life is ideal when you need a cost-effective way of providing a death benefit to heirs for a specified time. Term life insurance policies allow you to:
- Obtain maximum immediate protection with minimum impact on current cash flow.
- Purchase temporary protection for specific financial obligations, such as raising children, funding a college education, or paying off a mortgage.
- Devote premium dollars to pure death-benefit coverage -- with no cash value accumulation.
- Complement your permanent life insurance during years when your family would be most burdened by your premature death.
Which type of term insurance fits your needs? You won't necessarily want to base your choice on price alone. The most suitable policy will depend on your age, your overall financial plans, and what you want to accomplish with term life. Although there are many variations, term policies generally fall into one of these four categories:
- Non-guaranteed policies -- those the insurance company has no obligation to renew; typically used for covering very short-term obligations
- Increasing premium term -- a guaranteed renewable policy that renews at a higher premium each year
- Level premium term -- features a fixed premium for a specific number of years, renewable at an increased premium in later years
- Convertible term -- lets you convert to a permanent life policy, reducing the risk that renewable term premiums could become cost-prohibitive
Whether you'd like a comprehensive review of all your life insurance needs or simply want assistance with getting quotes, we're here to help:
- Arrange for a financial needs analysis to see how your current coverages match your goals
- Provide you with competitive quotes for coverage
Explore the potential benefits of purchasing both term life and permanent life policies