Click Here for More Information
Search for Providers
Site Search
ATTENTION AGENTS!
Click the button
for your own personalized
...brought to you by Client First
Click the button
for your own personalized
...brought to you by Client First
Already Registered?
Products | Individual / Family - Term Life Insurance
DETAILED information on Term Life Carriers and Products available to registered agents!
Login Now | Register Here!
Term life insurance is usually purchased to provide protection for a limited time. It could be to cover a 30 year mortgage, or to cover a 10 year business loan. Term insurance is often used to provide larger amounts of life insurance during the years of raising a family. Term insurance is similar to renting a house instead of buying it. If, at the end of the term period, the insured is still alive, the policy has no value. Most term policies may be renewed at a considerably higher cost.
Types of term life insurance:
DETAILED information on Term Life Carriers and Products available to registered agents!
Login Now | Register Here!
Term life insurance is usually purchased to provide protection for a limited time. It could be to cover a 30 year mortgage, or to cover a 10 year business loan. Term insurance is often used to provide larger amounts of life insurance during the years of raising a family. Term insurance is similar to renting a house instead of buying it. If, at the end of the term period, the insured is still alive, the policy has no value. Most term policies may be renewed at a considerably higher cost.
Types of term life insurance:
- Level Term - the premium remains the same for a stated period of time such as 1 year, 5 years, 10 years, 15 years, 20 years and 30 years. The death benefit also remains the same for the same period of time.
- Decreasing Term - usually used to provide protection for a mortgage, where the amount owed decreases over the years. The death benefit will also decrease each year while the premium will remain level for the full term period.
- Return of Premium Term - the same as Level Term described above with the additional benefit known as Return of Premium. (ROP) For an additional charge, if the insured is still alive at the end of the term period, the Insurance company will refund all of the premiums paid, including the premium paid for the Return of Premium benefit.