Life Insurance

aFamily_simmbarb_pictureTerm Insurance is the simplest form of life insurance. It pays only if death occurs during the term of the policy, which is usually from a 1 year term to 30 year term. At the end of the term, you can exercise your option to renew your coverage at a higher premium, often times without having to provide evidence of good health. You can also convert it to a permanent life insurance policy.Term insurance can help you accomplish a number of personal and business needs; you choose a coverage level, a term (usually 1, 5, 10, 15, or 20 years) and name a beneficiary, that is, the person you want to receive the benefit if you die. If you die while your term life insurance policy is in force, the death benefit is paid to the beneficiary you chose.

Highlights of a term life policy include:

  1.  A level premium guaranteed never to increase during the term of the policy
  2. A guaranteed death benefit
  3. Death benefit is Tax-exempt
  4. Affordable for all