Term Life Insurance: An Affordable Insurance Solution
Term Life these policies have exceptions, limitations and restrictions. For costs and complete details in coverage, contact a Forever Young Insurance Representative. Insurance is an option for those wanting life insurance protection that meets a variety of needs and budgets. A number of plans are available, each providing coverage for a certain period of years, typically 10, 20 or 30 years.
As with other types of life insurance, Term Life can provide a death benefit to your family upon your death. Term life insurance provides no cash value.
Term Life Advantages
- Term Life insurance is attractive for its:
- Coverage may be converted to permanent coverage at any time through age 72 for the same amount or less, without proof of insurability
- Variety of terms and payment schedules
- After the initial policy term, coverage is annually renewable to age 95
- Premiums are guaranteed not to increase for the initial policy term Once the initial policy term ends your premiums will increase on an annual basis until age 95. Any increase in premium will not increase the certificate benefits.
- In addition, individuals with a terminal condition can receive a portion of their life insurance benefits while still living, through the Accelerated Death Benefit Rider.
Insurance for Multiple Needs
Term Life insurance may be right for you if you:
- Want short-term coverage
- Want low-cost protection for your young children
- Need money for mortgage payments, bills, college, or final expenses
- Need collateral for a bank loan
- Decide to start a business
Riders can be added to basic Term Life certificates to enhance their value, some are at no cost others do have a fee:
Accidental Death Benefit Rider. All contractual provisions apply and may vary by state.– Provides extra life insurance coverage in case of your accidental death. This rider is available on some types of Term Life.
Disability Waiver of Premium Rider. All contractual provisions apply and may vary by state.– Ensures premiums will continue to be paid if you become disabled within the contractual terms of this rider.
Applicant Waiver of Premium Rider. All contractual provisions apply and may vary by state.– When purchased for someone age 15 or younger, this rider ensures that premiums will continue to be paid on the youth’s life insurance certificate in case of your death or disability within the contractual terms of this rider.