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Annuities  Critical Illness  Disability (Income Replacement) Insurance  Long Term Care  Term Insurance  Universal Life  Whole Life  

Term Insurance

Term insurance can often be the best choice of life insurance protection since it can meet your clients needs now and fit comfortably with their budget. These policies are commonly issued for specified periods, such as one, five, ten, fifteen and 20 years.

Since term is the most common type of life insurance the features between different companies are very similar and therefore can be listed below.

Affordability
Term insurance provides a large amount of insurance protection for a relatively low premium. Clients who have a financial need for insurance coverage during a specific time period find term insurance particularly cost-effective. The fixed term creates a lower cost of insurance that translates into level and lower premiums when compared to other life insurance products.

Tax-free death benefits can bypass probate
The proceeds of a term insurance policy can be paid directly to the named beneficiary tax free, bypassing the estate and the delays and expenses surrounding probate.

Creditor protection
Provided certain family relationships exist between the life insured and beneficiary or that a beneficiary designation is irrevocable, term insurance policies may be protected from the claims of creditors of the policy owner.

Multiple lives covered on one policy
Almost all companies allow for more than one person to be insured on a single life policy, each with their own coverage and beneficiary designation. This allows business partners or family members to be covered on the same policy, reducing cost through a single policy fee and centralized billing.

Conversion Options
Clients have the choice of either a fully-convertible term policy or a less expensive non-convertible plan. Convertible policies are often eligible to universal life or a permanent plan without providing evidence of insurability. Non-convertible premiums are often fractionally less; however, absolutely no conversion is available.

Joint life coverages
Term insurance can be purchased on multiple lives, with the death benefit payable on first death or the last death, depending on the clients particular needs. This reduces costs as compared with purchasing individual coverages.

Optional benefits
A wide range of optional benefits is available on most term insurance including: Childrens insurance, accidental death and dismemberment, and waiver of premium.