TERM LIFE INSURANCE
WHAT IS TERM LIFE INSURANCE?
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Most compare term insurance to renting vs. owning a home (permanent insurance). A term life policy covers the policyholder for a specific amount of time, which is known as the term. The length of the term varies depending on what the individual chooses. The life of the term policy can change range anywhere from 10-30 years and the premium amount usually increases in 5-year increments, providing level term insurance.
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How Does Term Life Insurance Work?
Depending on the type of policy, term life insurance offers fixed premiums for the entire term or life insurance on level terms, and the death benefit can be fixed as well. Since term life insurance is a budget friendly life insurance product and the payments can stay the same, they are a popular with young people just starting out families and people who want protection for a specific time.
Before you get a life, insurance quote or buy a life insurance policy, try our online life insurance calculator to see what options for coverage and term length is right for you. Click here to access our online calculator.
Term life insurance does not accrue cash value like several other types of life insurance, but with many term policies, beneficiaries receive the full-face amount. For example, if a policy’s face amount is $100,000, the beneficiary receives the full amount, pure and simple. Even better, the benefits paid on a term policy are tax free, according to current tax laws.
There are several types of term life policies available through The Agency Direct, including level, renewable and convertible. Get your free, no obligation, term life insurance quote today.
Renewable Term Life Insurance
A renewable term life insurance policy available through The Agency Direct continues to be in force for specified terms usually in increments of 1-5 years. The beauty of a term policy is that it can be renewed without the insured having to undergo a medical examination or provide other evidence of good health or insurability each year. The premium for a renewable term policy generally is based on the insured’s current or attained age.
Convertible Term Life Insurance (Converting Term to Permanent Life Insurance)
The option to convert term life insurance can be “a valuable benefit” for some. This option allows people to convert their term life policy into a permanent life insurance policy, without a medical exam or the need to prove insurability.
As time goes on, policyholders may need more coverage, or they might decide a policy with a cash value makes more sense. Having the ability to convert the policy offers nice flexibility as needs or financial goals change. There are two things to be mindful of with this convertible option. First, when you convert to a permanent life insurance policy, the premium increases. Second, there is typically a window during which you can convert. The ability to convert does not run for the entire term, so it is wise to watch for the deadline.