Term Life Insurance
Term Insurance is generally the least expensive and least complicated type of affordable life insurance. It provides life insurance protection at a low cost for as long as premiums are paid, or for a specified period of time, such as 10, 15, 20, or 30 years. There is usually no "accumulation" element, or cash value with Term Life Insurance.
There are many different types of term insurance - such as a Yearly Renewable Term, where the premiums increase annually. There are policies that are issued with a guaranteed premium period, say 10, 15, 20 or 30 years. As long as the premium is paid, the rates will not increase during the guaranteed period. Each variation of term insurance changes the premium charged.
Term insurance is compared by many as renting is to owning a house. Renting builds zero equity, owning builds equity. At the end of a selected term, you may renew the protection, although rates usually will be increased.
A term life insurance policy provides a stated benefit upon the policyholder’s death, provided that the death occurs within the specified time period. For example, policies can be written for 10-, 15-, 20-, or even 30-years. It provides a lot of coverage for a modest cost.
A term policy DOES NOT provide any returns beyond the stated benefit, unlike a permanent life insurance policy which allows cash value.
Features to look for:
- A guaranteed level premium for the specified time.
- A conversion option to permanent insurance even if you are sick.
- A waiver of premium option if you become disabled.
- The financial strength of the insuring company.
- Service – who is going to provide advice and service as the policy continues?
- 10-, 15-, 20-, or 30- year level term.
The RJL Group can provide you with the best available term insurance. If interested in a no-obligation quote, please lick the button below. Or feel free to email us or call at (412) 341-1291.