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Term Life Plans

Term life insurance is a type of life insurance that lasts for a specified term, usually between five and thirty years, and provides a death benefit if the policyholder dies within the given term of the policy. The death benefit will be provided to the policyholder’s chosen beneficiaries. If the term expires before the policyholder passes, then the policy can be renewed for another term, be converted into permanent coverage, or terminated.

Types of Term Life

There are three types of term life insurance:

  • Level Term: Level term policies, also known as level-premium, provide coverage anywhere from ten to thirty years, with a fixed premium and death benefit. However, the premium for this policy is more expensive than the yearly renewable term policy.
  • Yearly Renewable Term: There is no specified term for this particular policy, but it can be renewed each year as it is a one-year term policy. The premiums are not fixed; as the policyholder ages, the premium increases. 
  • Decreasing Term: These policies have a fixed premium, but the death benefit decreases each year. These policies are typically used with a mortgage to match the coverage of the home loan and its declining principal.

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Who should get term life?

Although term life does not build cash value or offer a larger death benefit compared to whole or universal life policies, it is a great option for someone who is looking for coverage at a lower cost.

If you:

  • Are young and healthy
  • Need simple and low-cost life insurance to protect your beneficiaries
  • Do not require long-term life insurance and only need temporary insurance
  • Want to supplement your existing life insurance

Then you should also consider a term life policy.

To learn more about term life insurance and if you qualify for a policy, reach out to Rothrock Insurance Solutions.