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You don’t buy life insurance because you are going to die, but because those you love are going to live.


About Term Insurance

What is Term Insurance really?

Term Insurance is a policy type that offers maximum protection on face value (death benefit) but has a very low cost of premium associated with it.

Generally speaking, it offers a guaranteed payment of a stated death benefit if the covered person dies during a specified term.

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How Does It Actually Work?

Term policies are specifically for those who have very specific or high needs of protection. A good example would be a family with multiple expenses like a home, vehicles, college planning, etc, and possibly a single working parent or even a couple working. A term life policy would be affordable and offers the financial protection should one of the pass away.

When you buy a term life insurance policy, the insurance company determines the premiums based on the policy’s value (the payout amount) and your age, gender, and health. In some cases, a medical exam may be required. The insurance company may also inquire about your driving record, current medications, smoking status, occupation, hobbies, and family history.

If you die during the policy term, the insurer will pay the policy’s face value to your beneficiaries. This cash benefit—which is, in most cases, not taxable—may be used by beneficiaries to settle your healthcare and funeral costs, consumer debt, or mortgage debt, among other things.2 However, if the policy expires before your death, there is no payout. You may be able to renew a term policy at its expiration, but the premiums will be recalculated for your age at the time of renewal.

Term life policies have no value other than the guaranteed death benefit. There is no savings component as found in a whole life insurance product.

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Frequently Asked Questions

About Term Life Insurance

How do I know how much coverage my family needs?

Upon our initial discovery process, we will do a through look at your overall financial profile to determine the coverage needed. Obviously, it is up to the insured how much they feel they can afford.

How long does Term Insurance last

Term insurance comes in segments of 30 years and less, depending on the carrier. Some carriers have policies for 7 years while other have a minimum of 10 years.

Is there a medical exam required for Term Life insurance?

Not all cases require a medical exam or blood work. It really depends on the amount of coverage being requested and the risk the carrier is about to take. There are some carriers with no medical policies.

What happens when my policy expires?

Before the policy expires, you are notified of the upcoming expiration. You will have the option to renew the policy or convert to a permanent policy. New premiums are determined at attained age.

Is there any cash value with Term Insurance?

Term insurance is a pure death benefit policy and has no cash value. There are carriers, however, that will offer an ROP or "Return of Premium" when the policy expires.

Can I increase my coverage if needed?

Unfortunately, once a policy is in force, we cannot increase or decrease the face value. If you need more, a secondary policy will be needed.The second policy will be rated at age attained.