Term Protection=
Affordability
Term Insurance is designed to give you protection for a certain period of your life. 10, 15, and 20-year plans offer more protection with a smaller premium.
Simple Plans Big Benefits
The main benefit of Term life insurance is that it is very affordable, has low monthly premiums, and can cover you for the period most important to you. Your beneficiaries can use the death benefit for income replacement, to pay for anything from a mortgage to education expenses.
Some plans also offer living benefits, also known as accelerated benefits, which allows access to a portion of your life insurance death benefit while you are still alive. These benefits are often added to policies as riders or attachments for an extra fee. Living benefits can be useful if you should face a critical or chronic, or terminally illness. The money can be used for a variety of needs, such as medical expenses, lost income, or long-term care.
The Next Step
is a simple quote
we’re here to all your questions
How long does a Term policy last?
All products can be quoted on a 10, 15, 20, and 30-year basis, and the premiums are guaranteed for the duration you choose. While most of the policies are renewable to age 95, the annual premiums may increase significantly after the initial guaranteed period expires and, in addition, most of the policies are convertible to permanent life insurance policies. We present all policies for your review so you can determine the best option.
Is a medical exam required?
A basic paramedical exam is required for most term life products, though there are some that do not based on the applicant’s age and the amount for which they apply. The exam is very simple and takes approximately 15-20 minutes. The examiner will typically request a blood and urine specimen, take your blood pressure and ask questions concerning your medical history.
Is price the only thing I should be concerned with?
With term life insurance there is no cash value, dividends, loans, investment options, etc. to be concerned with. Look for a guaranteed level product from a carrier with strong financial ratings. Remember, when comparing an older policy to a new one, the number of additional years the premium is guaranteed into the future may represent an enhancement of value.
How much coverage do I need?
When determining the amount of coverage you should have, a review of your personal circumstances is necessary. A more simplified approach includes calculations based on a multiple of your income. A level generally recommended is ten to twelve times your income, though you could need less depending on your personal financial situation. Paying off your mortgage or other debts, savings in excess of your retirement plans, a spouse’s continued income, and having adult dependents are all circumstances that can help reduce the necessary amount of insurance your family may need. Don’t hesitate to contact us to talk more about your specific needs.
How accurate is the free quote?
Each company has certain underwriting guidelines that you must meet to qualify for the rate class at which you were quoted. The guidelines are similar with most companies, but certain carriers are more flexible than others, and have specific underwriting niches. The areas reviewed by the carrier include: medical history, height, weight, cholesterol, driving record, family history of heart disease/cancer, hazardous sports, etc. We make every effort to provide you the most accurate and realistic quote based on the personal details you provide at the time of the quote. If you do not receive the same rate you were quoted, the company will explain what factors changed the outcome and generally offer an alternative. You may accept it or decline it. There is no cost to you should you decide to decline.
What payment plans are available?
The premiums quoted are on an annual basis. Other premium options include monthly, quarterly, and semi-annually. Monthly payments can only be made via electronic fund transfer. Most companies charge an additional fee when premiums are paid more frequently than annually.
How long does the application process take?
Once we receive your application and the paramedical exam has been done, approvals typically 2-4 weeks. That timeframe can be longer if scheduling your medical exam is delayed or if medical records must be ordered from your doctor. Let us know of any special time limitations and never cancel your existing policy until you are approved and have reviewed your new policy.
What is a conditional receipt?
For those who want coverage in effect at the time of application, under certain limitations, companies will extend conditional coverage based on the terms outlined in their “conditional receipt.” The terms must be complied with prior to conditional coverage, so careful review is imperative if selecting this option. All conditional receipts maintain limits on the amount of coverage conditionally provided and the length of time it is in force. Those using this alternative typically have no other coverage in force and have an immediate need for some form of protection . . . even if limited.