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What is Term Life Insurance?
It provides death benefit coverage for a specific period of time, such as 10 or 20 years. With traditional term life insurance, the premium stays the same for the coverage period you select. When that period ends, the policy may offer continued coverage, but it will likely be at a considerably higher premium. This increase over time is due to the increased risk to the insurance company as a policy holder ages. One advantage of term life insurance is that it is typically less expensive than permanent life insurance.
This type of policy is typically used to provide additional financial protection for dependents should something unexpected happen. This coverage can provide beneficiaries the financial assistance they need to help pay off debts, mortgages, car loans, college tuition, and the costs associated with death.
In general, the premium for a term policy is based on the policyholder's age and health, and the premium remains the same for the entire term.
Selecting the right form of life insurance for you and your family starts with expert consultation. Our insurance consultants will review your individual needs, explain the options, and build a policy designed specifically for you. Plus, our relationships with the top carriers means you will get the best coverage at a price you can afford. We look forward to serving you!