Term Life Insurance
A Term Life policy offers coverage only if death occurs during a specific period of time, which coincides with the terms in which the insured member is required to make a monthly premium. A Term Life policy pays a benefit to the beneficiaries only if the policy holder dies during the time period for which the policy was initially contracted and has remained current on their annual or monthly premium payments.
This type of policy is beneficial for parents of young children, people with debt obligations and also home buyers. You may apply for it to be renewed after the initial term has ended and you may request that it be converted to a whole life policy. The premiums are based on your age and your health status at that time. Purchasing a new Term Life policy at the expiration of your existing policy will result in a higher premium and you may not qualify if you have disqualifying health issues.
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We recommend you to speak to a local licensed insurance agent so that you can learn more about it. Please feel free to contact us for more information.
"So now you Gentiles are no longer strangers and foreigners. You are citizens along with all of God’s holy people.
You are members of GOD'S FAMILY." Ephesians 2:19 (NLT)
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What is this product about?
Term Life is a “death benefit only” policy for a specific length of time. Think of it like leasing a car: you pay for the use of the car for a specified period and when the contract period is over, you return the car.
Term Life is referred to as “benefit only” insurance because unlike the various types of permanent life such as Whole Life, it carries no “cash surrender value”. Because of this, Term Life Insurance premiums tend to be very affordable. Young and relatively healthy individuals can often obtain a policy with limited or no medical background check. It is ideal for families that are just starting out, or for the family income provider who wants to make sure his or her family will be protected, but may not be able to afford, or desire a permanent life policy. However, understand that as a person ages over the period of the term, monthly premiums may increase.
The earlier your purchase a Term Life policy and the healthier you are, the cheaper the premiums will be over the term of the policy.