1. Choose Your Coverage - With our Annual Renewable Term (ART) you can get short term needs at an affordable cost - 5, 10, 15, 20, 30 year term periods available.
2. Affordable Coverage - Only pay for the years when your family needs it most
3. Adapts to You - Coverage that can adapt to you, such as receiving benefits early to cover an illness
4. Flexibility You Need - Convert your coverage to permanent life insurance if your needs change
Benefits of Term Life Insurance
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What is Term Life?
Term life insurance policies offer coverage for a specified amount of time, typically anywhere from one to 30 years. Term life insurance offers a death benefit, which is intended to help your beneficiaries replace your income if you pass away. For example, the money can be used to help pay for things like a mortgage, education costs or everyday expenses, such as groceries.
How does Term Life insurance work?
If you pass away while your term life insurance policy is in force, your beneficiary will receive the death benefit. If you do not pass away during the term, no one will receive the death benefit. And premiums you pay are typically nonrefundable, unless you bought a term policy with a "return of premium" option.
What happens when the term ends?
If your term policy is renewable, you may be able to extend your coverage for another term, up to a specified age. If your term policy is convertible, you may be able to convert it to a permanent life policy. Check with your agent for details on convertible policies, as the conversion typically has to happen within a specified time period.
When your term ends, you'll likely pay higher premiums (or regular payments) if you renew or purchase a new policy, says the Insurance Information Institute (III).
Your kids grow up, your mortgage gets paid off and your financial needs change. With Term Life, you have coverage options without a lifelong commitment.