What is Term Life Insurance?
Term Life Insurance is a contract for insurance on your (or another person’s) life that you buy for a set period of time (a ‘term’), usually 10 years. You pay premiums to keep the policy in force’. At the end of each term, you can usually renew it for another term, depending on the policy requirements.
Term Life Insurance provides coverage from $100,000 to $1-million* for a term of 10 years, renewable up to age 85.** Your rates during each 10-year term stay the same. It’s flexible too: you decide on the amount of coverage you want to buy, based on your life situation, needs, and budget.
Why Term Life Insurance?
- A tax-free, lump-sum payout
- Renewable up to age 85 with no medical questions
- Convertible to permanent life insurance
Is Term Life Insurance the best option for you? Here are some details, to help you answer that question:
- Your beneficiary(ies) receive a tax-free, lump-sum financial benefit upon your death
- Rates are guaranteed to stay the same for the full 10-year term
- Renew your policy every 10 years up to age 85, no new medical exam or questionnaire required at the time of renewal
- Convert your term life insurance policy to permanent life insurance at any time before age 70, no further medical information or medical exam required at time of conversion** (add a link with more info)
- Receive a one-time cash advance to a maximum of $100,000 (up to 50 percent of your coverage) if you receive a terminal illness diagnosis with less than 12 months to live