Term life insurance is the most simple and affordable form of protection. You generally pay premiums on a monthly or annual basis and your family is protected for that “term”. Our Agency offers a variety of term products to fit your needs, time frame, and budget. Upon death of the insured, the benefit or face amount is paid to your stated beneficiaries. Term Life coverage usually comes in 10, 15, 20 or 30 years of coverage with a guaranteed benefit. In addition to providing necessary coverage at an affordable rate, Term life insurance protects your insurability. By buying a convertible Term Life insurance now, you can convert your policy to a permanent life insurance policy without providing evidence of insurability, even if your health tomorrow is not as good as it is today.
Term Life Insurance Insurance is:
– An affordable way to cover specific financial responsibilities like a mortgage or college expenses
– An affordable way to supplement your Permanent Life Insurance during periods when coverage needs are higher, such as family-growing, mortgage-paying years
– For protection against outstanding loans and debts for which family members or others may be responsible;
– For families who feel they cannot currently afford a permanent policy but who need to protect their children from financial hardship due to the potential loss of a parent.
– To guard against uninsurability in the future: If you buy term insurance now, you can continue this coverage even if you become uninsurable.
– To provide much needed cash if you become chronically ill or disabled( Sometimes called Living Benefits)
– To protect key people of a business in its formative years of growth
– To purchase time to increase your earnings so that the coverage can be converted to a permanent cash value life insurance policy without evidence of insurability.
– Some Term Life policies have a “return of premium” feature which essentially returns to the policy owner, some or all of the premiums after the term period ends!
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Types of Term Life Insurance
– Traditional Term Life Insurance
– Non Medical Term Life Insurance
– Graded Term Life Insurance
Traditional Term Life Insurance
A traditional Term Life Insurance policy offers the lowest price with the most coverage. However, it is only recommended for healthy individuals because it requires a complete medical exam. The Life insurance company will check blood, urine, height and weight, blood pressure readings, medical questions, and in some cases, EKG and/or medical records depending on the amount of insurance requested, and/or age of applicant. The minimum amount of coverage is usually one hundred thousand for up to 30 years, and the maximum amount it could reach five million, or more.
Non Medical Term Life insurance
If you have some extra pounds, and have been prescribed medications for: High blood pressure, cholesterol, or even diabetes, this could be the ideal life insurance for you. Many life insurance companies now offer No Exam Term Life insurance. The rates are still very competitive and blood or urine exams are not required. In fact, most applicants can be approved with an electronic application in as a fast as 48 hours! The amount of coverage usually ranges from $25,000 to $250,000 with a term duration of 10-30 years. A lot of non medical term life insurance polices also offer a Return of Premium Feature. This means that if you do not pass away during the guaranteed benefit period, you will recieve a refund for 100% of your premiums paid!
Graded Term Life insurance
Sometimes our health is not that good, and life insurance companies close their doors on us. We speak with customers everyday who have been denied life insurance coverage, and they become frustrated by it. We have great news for you! Wee are one of a few agencies who provide Graded Term life insurance. In fact, our product offers guaranteed approval. If you are between 18 and 75 years of age, and you have denied coverage before, you can qualify for our guaranteed issue term life insurance. No medical questions, and no medical exam are required.Your approval is guaranteed for up $50,000. Request a quote today!
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