HAVE INSURANCE QUESTIONS?
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HAVE INSURANCE QUESTIONS?
CALL US NOW (800) 338-9908

Term Life Insurance

Term life insurance provides protection for a specified period of time, generally between 5 and 30 years. Level term life insurance is the most popular type of life insurance today. With this type of policy, the premiums and death benefits are designed to stay level throughout the duration of the term. These policies pay a death benefit if you die during the term for which the policy is specified.

Activating Term Life Insurance

Once you have been approved and paid the first premium for a term life insurance policy, the policy is active for as long as you continue to pay the premiums. There is no obligation to pay, but most term life insurance policies will lapse following a 30 day grace period after a premium payment has been missed. When the specified term is up, the policy is no longer active (death benefits will not be paid) and premium payments are no longer due.

Renewing Term Life Insurance

Some term life insurance policies can be renewed when you reach the end of a specific period, which can be from one to 30 years. The premium rates increase at each renewal date. Most policies require that evidence of insurability be furnished at renewal for you to qualify for the lowest available rates. Term life insurance policies can generally be converted to permanent plans at any time during the policy term, but will require paying additional premium.

Advantages of Term Life

Premiums for term life insurance are typically less expensive than premiums for permanent life insurance at the start. This makes term life insurance a more affordable and desirable option for younger people that may have mortgages, business loans, and other bills that take up a majority of monthly income. Term life insurance that extends for 20 or 30 years may also provide coverage for as long as is needed, in some cases.

Disadvantages of Term Life

Term life insurance may not be renewable or premium increases may make it difficult or impossible for policyholders to renew the policy, in some cases. Term life insurance policies generally don’t offer cash value or paid-up insurance. These disadvantages should be considered and policies should be thoroughly reviewed and understood before selecting a life insurance policy.

Choosing Term Life Insurance

Term life insurance is a good option for those that wish to protect themselves and their families, but do not have the funds available or wish to make the commitment that permanent life insurance requires. Before selecting a term life insurance policy, it is important to know how long the term will be, whether the policy is convertible, and whether the policy is renewable. Term life insurance is generally a better option for younger people that are in good health.

More questions?

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Still Need Help? We Can Help You Find the Right Policy.

Instead of trying to navigate the confusing insurance marketplace alone, contact us today to request help from our experienced team of agents. We understand the ins and outs of the industry and will be able to help you find the insurance plan that’s right for you and your family. Oh, and our expert advice is always free.

Step 1: Contact an Agent

Our expert team of agents is awaiting your phone call. We have served over 150,000 Floridians, like you, in the past 30 years.

Step 2: Compare Plans

Your agent will work with you, explaining all of your options and giving their expert advice to find the perfect plan that fits all of your needs.

Step 3: Finalize Your Policy

In one phone call, we’ll finalize your policy.

 

 

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