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Term Life Insurance

Term Insurance provides coverage for a set term or period of time. Terms are usually between ten to thirty years, or could be set to a specific age. If the policyholder were to pass away before the term has expired, the beneficiary will collect benefits from the insurance company.

 

Term Insurance is meant to be simple and easy to afford. If the policyholder were to outlive the term duration, no benefits or premium are given back to the policyholder and the policy is no longer active. 

There are conversion options available with some term insurance. Essentially, you can convert the policy into a permanent policy such as Universal or Whole Life Insurance without any sort of medical underwriting process.

This type of life insurance does not accumulate cash value that could be used for loans or other purposes. Term insurance offers less features than permanent life insurance. There are two basic types of term life insurance: Level term and Decreasing term.

Parents and Child

Level Term

For level-term policies, the death benefit does not change under any circumstances during the term of the policy. Level-term is a more popular choice because most policyholders count on a guaranteed amount of death benefit

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Decreasing Term

Having coverage under decreasing-term, the benefit is reduced by a specified rate over the term of the policy. Decreasing-term can be effective for protecting assets or key employees within a company.

Cheerful Business Meeting

Reasons to Consider Term

Tend to be less expensive than other permanent life insurance

Can be converted to other permanent life insurance

To learn more about Term Life, Contact LTC Genie or request a quote  

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