Term Life Insurance
Term life insurance provides coverage for a specific period, such as 10, 20, or 30 years. If the policyholder passes away during the term, their beneficiaries receive a tax-free payout, helping to cover lost income, debts, or other financial needs. It’s a straightforward and cost-effective way to ensure financial security for your loved ones.
Term Life Insurance
Term life insurance provides coverage for a specific period, such as 10, 20, or 30 years. If the policyholder passes away during the term, their beneficiaries receive a tax-free payout, helping to cover lost income, debts, or other financial needs. It’s a straightforward and cost-effective way to ensure financial security for your loved ones.
Why Choose Term Life Insurance?
✔ Customizable Term Lengths
Choose coverage that fits your life stage and financial goals with term options of 10, 20, or 30 years. You can keep premiums level or have them increase year to year.
✔ Tax Benefits
Provides a tax-free lump sum payout in most cases to your beneficiaries to cover income loss, debts, or future expenses.
✔ Guaranteed Death Benefit
A guaranteed death benefit ensures your beneficiaries receive a tax-free payout if you pass away during the policy term.
✔ Conversion Flexibility
A term policy allows you to convert to a permanent policy before the term expires, giving you the flexibility to extend coverage without reapplying.
Need more info? No problem.
Optional Riders:
Optional riders that we find to be of extremely high value, like chronic and critical illness enhancements allow you to access part of the death benefit while alive under specific conditions. A chronic illness rider triggers if you can’t perform two of six Activities of Daily Living (e.g., bathing, eating) or have severe cognitive impairment, providing funds for care and reducing the eventual death benefit. A critical illness rider pays out for diagnoses like cancer or stroke, also cutting the remaining benefit, with both riders adding flexibility but slightly increasing premiums.
Conversion Privilege:
Some term life insurance policies come with conversion privileges which allow you to switch your term policy to a permanent one (e.g., whole life) without a new medical exam, using your original health rating . This is valuable if your health declines during the term, ensuring lifelong coverage and cash value growth, though premiums rise significantly. Conversion must occur within a deadline—often before the term ends or a set age (e.g., 70)—and is limited to your insurer’s permanent options. Together, these features—chronic/critical illness riders and conversion privileges—enhance term life’s utility, balancing temporary protection with adaptability for future needs.
Term Life vs Whole Life:
Whole Life Insurance provides lifelong coverage with fixed premiums, a guaranteed death benefit, and a cash value component that grows over time, making it a stable long-term financial tool. In contrast, Term Life Insurance offers coverage for a specific period (e.g., 10, 20, or 30 years), has lower initial costs, but does not accumulate cash value and expires if not renewed.
Need more info? No problem.
Optional Riders:
Optional riders that we find to be of extremely high value, like chronic and critical illness enhancements allow you to access part of the death benefit while alive under specific conditions. A chronic illness rider triggers if you can’t perform two of six Activities of Daily Living (e.g., bathing, eating) or have severe cognitive impairment, providing funds for care and reducing the eventual death benefit. A critical illness rider pays out for diagnoses like cancer or stroke, also cutting the remaining benefit, with both riders adding flexibility but slightly increasing premiums.
Conversion Privilege:
Some term life insurance policies come with conversion privileges which allow you to switch your term policy to a permanent one (e.g., whole life) without a new medical exam, using your original health rating . This is valuable if your health declines during the term, ensuring lifelong coverage and cash value growth, though premiums rise significantly. Conversion must occur within a deadline—often before the term ends or a set age (e.g., 70)—and is limited to your insurer’s permanent options. Together, these features—chronic/critical illness riders and conversion privileges—enhance term life’s utility, balancing temporary protection with adaptability for future needs.
Term Life vs Whole Life:
Whole Life Insurance provides lifelong coverage with fixed premiums, a guaranteed death benefit, and a cash value component that grows over time, making it a stable long-term financial tool. In contrast, Term Life Insurance offers coverage for a specific period (e.g., 10, 20, or 30 years), has lower initial costs, but does not accumulate cash value and expires if not renewed.
Wondering What Term Life Might Look For You?