Term Life Insurance

There are two basic types of life insurance: term insurance and permanent (cash value) insurance. Term insurance generally has lower premiums in the early years, but does not build up cash values you can use in the future.

Term life insurance covers you for a term of one or more years. Premiums will not increase during the guaranteed premium term you select. It pays a death benefit only if you die during that term. Term insurance generally provides the largest insurance protection for your premium dollar.

You can renew most policies for one or more terms even if your health has changed. Each time you renew the policy for a new term, premiums may be higher. The policy remains in force for as long as premiums are current, provided there are no misrepresentations on the application or other defenses to coverage. Coverage terminates if you discontinue premium payments.

All term and permanent life insurance policies have a "free look" period. This period may vary by state. During the "free look" period, you may cancel your policy without obligation. See the policy for details.

Frequently Asked Questions

Our most frequently asked question is "How much life insurance do I need?" Here are some things to ask yourself:

How much of the family income do I provide? If I were to die early, how would my survivors, especially my children, get by? Does anyone else depend upon me financially, such as a parent, grandparent, brother, or sister?

Do I have children for whom I'd like to set aside money to finish their education in the event of my death? How will my family pay final expenses and repay debts after my death? Do I have family members or organizations to whom I would like to leave money? Will there be estate taxes to pay after my death? How will inflation affect future needs?

As you figure out what you have to meet these needs, count the life insurance you have now, including any group insurance where you work or veteran's insurance. Don't forget Social Security and pension plan survivor's benefits. Add other assets you have: savings, investments, real estate, and personal property. Which assets would your family sell or cash in to pay expenses after your death?

Two Ways to Determine Coverage You Need

With the Rule of Thumb method you pick a death benefit of three to seven or more times annual earnings depending upon your overall financial conditions. Consider debts, mortgages, anticipated college expenses, dependents, et cetera.

Your Current Insurance

Q. What should I do about insurance I have now?
A. If you currently are covered by another life insurance policy, DO NOT modify or cancel it until your new policy has been issued and the premium received by the insurer. You will be notified when that happens and your new coverage is in effect.

Get your Free Life Insurance Quote!

1-800-731-1320

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