Term Life Insurance


term-life-insurance-quote Formally called Level Term Life, the word “Level” refers to the fact that the Death Benefit remains level during the contract life, the word “Term” refers to the time period during which premiums are locked in. Term Lengths are typically 10, 15, 20, 25, and 30 years, therefore Term length determines for how many years the Premiums are guaranteed not to change, i.e. “locked in”. Term Life plans are the most affordable form of life insurance (Whole Life plans typically have premiums 3-5 times higher than Term Life).

Term Life plans are also Renewable and Convertible. Renewable refers to the age to which the contract can be renewed, or kept in force, after the initial Term Length of say 20 or 30 years, the Renewable age can be as high as age 98”.. Convertibility refers to the fact that Term Life insurance can be converted to Permanent Life insurance without underwriting.

Young Married couples find the use of term life insurance to be ideal to provide financial protection and benefit from the affordability of Term Life as they start a new life together, share dreams and budget on a fixed income. Those at Mid-life and beyond also find Term Life to be ideal due to it’s lower cost and locked in premiums.