Term Life Insurance
Term life insurance provides insurance coverage for a certain period of time, or
a term. The terms can range from one year, such as annually renewable term insurance, or up to 40
years of continuous coverage. After the term expires, you can renew your policy at the new term rate, switch
to a permanent whole life insurance policy at the current rate, or
simply let your policy expire.
Term Life Insurance - Simple and Inexpensive
Term life insurance is the simplest and least expensive form of life insrurance
coverage available. Most people choose it because of its affordability. You can purchase a large amount of
insurance to cover debts, loss of income, and future obligations such as a child's education costs.
How Does Term Life Insurance Work?
A term life insurance policy will last for a certain period of time, which is the term that you choose.
You can get an annual term policy, which renews each year at the current rate. This is great for short-term needs.
If you have a longer time frame in mind, then you can get up to a 40 year term life insurance policy,
depending on your age and the company you choose. Your rate remains level for the duration of the term.
At the end of the term, you have three options:
- Renew your term life insurance policy at the current rate.
- Let your term life insurance policy expire and get a different policy
- Convert your term life insurance policy to permanent coverage using the conversion privilege.
Term Life Insurance - The Conversion Privilege
Most term life insurance policies have a conversion
privilege, which allows the owner to convert his or her policy to whole life insurance, which is permanent
coverage, during a specified time period. This is something that you hope you'll never use, but if you'll
be glad you have it if you ever need it. For example, if you have a 10 year term life insurance
Term Life Insurance - Get Started Today
The first step is to shop around. Rates can vary by as much as 70% from one
company to another so it definitely pays to compare multiple rates from several different carriers. Get a free
no obligation quote today and compare multiple rates for term