TERM LIFE INSURANCE

What is Term Life Insurance?

Term insurance provides protection for a specific period of time. It pays a benefit only if you die during the term. Some term insurance policies can be renewed when you reach the end of a specific period which can be from one to 20 years. The premium rates increase at each renewal date. Many policies require that evidence of insurability be furnished at renewal for you to qualify for the lowest available rates.

What are the Advantages of Term Life Insurance?

• Initially, premiums are generally lower than those for permanent insurance, allowing you to buy higher levels of coverage at a younger age when the need for protection often is greatest.
• It's good for covering specific needs that will disappear in time, such as mortgages or car loans.

What are the Disadvantages?

• Premiums increase as you grow older.
• Coverage may terminate at the end of the term or may become too expensive to continue.
• Generally, the policy doesn't offer cash value or paid-up insurance.