Term Life

Term life insurance is one of the simplest and least expensive forms of life insurance. It provides a death benefit for a stated period of time, or term, and you can choose various terms depending on your need. The most common terms are 10 year, 15 year, 20 year, and 30 year terms. Let’s take a closer look at some of the features of term life insurance.

Affordability. When you purchase term life you are getting the largest amount of insurance for the least amount of money. This is because it is a simple life insurance policy. There are no bells and whistles like cash values and dividends. You pay for a death benefit and if you die during the term, your family will receive the death benefit. At the end of the term, you can choose to renew, or your policy will end.

Convertible. Another feature of term life is the conversion privilege. This allows you to convert your term life policy to a whole life policy without evidence of insurability. This offers a level of protection because if you develop some type of health condition during your term policy, then it may leave you without insurance at the end of your term because you won’t get favorable results from a life insurance exam. Although your premium will increase if you need to convert, at least you will have access to life insurance coverage.

Overall, term life insurance can suit most family’s needs because it is affordable protection. You can easily shop around for the lowest rates by speaking with your local agent or shopping for quotes online.

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