Affordable Coverage

Term life insurance provides temporary coverage for individuals with people or charities you name as the beneficiary with a tax-free payout if you die within the term you choose. The money can be used to pay bills, the mortgage, kids’ education or to keep your business running. The payments you make, called premiums, are set for the term you choose and won’t change during that period.

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Who needs term?

An individual who is looking for cheaper premiums for higher coverage would benefit from a term life insurance policy. Especially when your budget is tight and you have a larger family to provide for. However, term insurance does not offer many living benefits as a whole life or permanent policy would offer. 

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What are your options when your term ends?

• Term Renewal
  With most traditional term insurance products, your policy would automatically renew for the same length of time as the original term. However, your monthly premium will increase at the time of the renewal, but coverage remains the same. 
   

• Apply for a New Term Policy
  If you are unhappy about the term renewal when premiums increase despite the coverage amount being the same, you can cancel the policy and apply for a new term policy with a larger amount. 
   

• Convert to Permanent Insurance
  The term policy has the option to convert into a permanent policy when you notify the insurance carrier. This option allows you to apply for permanent coverage when you have enough funds to supplement a whole life policy, and use the full living benefits. The best part is that the company will not consider your health to determine eligibility for the permanent policy.