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Term Insurance

Term Insurance

What is Term Insurance?

Term insurance is a type of life insurance that provides coverage for a set period—typically 10, 20, or 30 years. During this time, if you pass away, your beneficiaries will receive a tax-free lump sum death benefit. This payout can help them cover essential expenses and maintain their lifestyle, providing vital financial protection during the years they need it most. Term insurance is ideal for those seeking affordable, temporary coverage.

 

Key Features of Our Term Insurance Plans

  1. Customizable Coverage Lengths

Choose the term length that best fits your needs, whether it’s 10, 20, or 30 years. This allows you to align your coverage with major financial obligations, such as paying off a mortgage, raising children, or other temporary responsibilities.

  1. High Coverage at Low Premiums

Term insurance offers significant death benefit coverage at an affordable price. You can opt for coverage amounts ranging from $100,000 to over $1 million, providing financial security for your family without straining your budget.

  1. Level Premiums

Our term policies feature level premiums, meaning your premium payments remain the same throughout the term, making it easier to budget without any surprise increases in cost.

  1. Optional Riders for Additional Protection

Enhance your term insurance coverage with riders for added protection, such as:

  • Accidental Death Benefit Rider: Increases the death benefit if the insured passes away due to an accident.
  • Critical Illness Rider: Provides a lump-sum payment if you’re diagnosed with a critical illness like cancer, heart attack, or stroke.
  • Waiver of Premium Rider: Waives your premiums if you become disabled and unable to work.
  1. Convertibility to Permanent Insurance

Many of our term insurance plans offer the option to convert to a permanent policy, such as whole or universal life insurance, without the need for a medical exam. This ensures you can extend your coverage beyond the original term if your needs change.

 

Frequently Asked Questions (FAQs)

  1. What is the difference between term life insurance and whole life insurance?

Term life insurance provides coverage for a set period (e.g., 10, 20, or 30 years) and is typically more affordable, while whole life insurance offers lifetime coverage and includes a cash value component that grows over time.

  1. How much term insurance do I need?

The amount of coverage depends on your income, outstanding debts, and financial obligations. A common recommendation is to have coverage equal to 10–15 times your annual income.

  1. Can I renew my term insurance policy?

Some term policies offer a renewal option at the end of the term, allowing you to extend coverage. However, the premiums may increase based on your age at the time of renewal.

  1. Do I need a medical exam for term insurance?

Some of our term insurance plans offer coverage without a medical exam, especially for younger, healthier applicants. For larger coverage amounts, a medical exam may be required.

  1. What happens if I outlive my term insurance policy?

If you outlive the term of your policy, the coverage simply ends, and no payout is made. You may have the option to renew the policy or convert it to a permanent one, depending on the terms of your original contract.