Coverage
Crafting extraordinary events tailored to your unique vision.
Term Life Insurance
Term life insurance provides essential coverage for a specific period, offering affordable protection and
peace of mind. With the Return of Premium (ROP) option, you can receive a full refund of all premiums paid
if you outlive the term, effectively giving you risk-free coverage. Additionally, Living Benefits (LB) can provide
critical financial support during unexpected medical crises. If you face a severe illness, such as a heart attack, cancer or stroke, these benefits can allow you to access funds from your policy while still living, helping ease the financial burden and enabling focus on recovery. Term life insurance with ROP and LB features provides a powerful combination of security and flexibility for you and your loved ones.
Sarah and Mike, a young couple in their early 30s, recently bought their first home and welcomed a baby.
hey have a 30-year mortgage and want to ensure that, if anything happened to one of them, the family would
still be financially secure. How Term Life Helps: A 30-year term life policy matches the length of their mortgage, ensuring
that if one parent passes away, the other would receive a payout to cover the remaining balance, secure their home, and provide financial stability during their child’s early years.
Jake is a single professional in his late 20s. He has student loans and intends to get married and
start a family in a few years. He wants to make sure he can financially protect his future family without
compromising his current budget. How Term Life Helps: A 20-year term policy offers Jake affordable coverage
during this foundational period of his life. If something happens to him before he has a family, the policy can help
settle debts, relieving his loved ones of financial burdens. If he marries and has children, he’ll have essential coverage to support them if he passes unexpectedly.
A convertible term life insurance policy is an excellent, affordable choice for younger individuals
with limited income. It allows you to secure essential coverage at a lower premium while offering the
flexibility to convert to permanent life insurance later without needing a medical exam. This means you can
start with affordable protection now, knowing you have the option to upgrade your policy in the future as your
financial situation improves, providing lifelong coverage and peace of mind."
Term life insurance provides an affordable way to protect your family when they need it most.
With flexible options and guaranteed coverage for a set period, it’s a smart and budget-friendly choice
for essential protection."
Emily and Sam have two children who will be starting college in the next 10 to 15 years.
They want to make sure that, even if one of them is not around, their children’s education will still
be funded. How Term Life Helps: A 15-year term policy provides a death benefit that can cover tuition,
books, and other college expenses if one parent passes away. This ensures their children’s education plans
are safeguarded, regardless of the unexpected.
Maria and Dave are co-owners of a small but growing business. Each is integral to the
business’s operations, and they’ve agreed to a “buy-sell” arrangement if one of them passes away.
How Term Life Helps: By purchasing term life policies on each other, Maria and Dave create a financial safety net.
If one of them dies, the surviving partner can use the death benefit to buy out the deceased partner’s share. This allows the business to continue without interruption and protects
Term insurance offers a versatile, cost-effective way to secure financial protection for a
variety of life scenarios. It provides peace of mind by ensuring your loved ones are financially
supported in the event of an untimely passing. Whether it's safeguarding a child’s future education,
covering outstanding debts for a young professional, or protecting a growing family’s home and lifestyle,
term insurance delivers a tailored safety net. With options like living benefits, you can access funds in cases of
serious illness, while Return of Premium (ROP) policies offer a refund of premiums if the term expires without a claim. Affordable and adaptable, term insurance ensures financial stability at every stage of life, making it a fundamental pillar of any sound financial plan.
Frequently Asked Questions
Common Questions Answered for your convenience.
What are the term policy years?
Term life insurance policies typically come in durations of 10, 20, or 30 years. However, some insurance companies offer additional term lengths, such as 15, 25, or even custom durations, depending on their product lineup. When choosing a term length, consider your financial goals and the time frame you need coverage for, such as until your mortgage is paid off or your children are financially independent.
Can you get money back if you outlive the term policy?
Yes, but only if you’ve purchased a Return of Premium (ROP) rider as part of your term life insurance. With this optional feature, the insurance company refunds the premiums you paid if you outlive the term. However, keep in mind that an ROP rider increases the cost of your policy, so it’s worth weighing the benefit of getting your money back against the higher premiums you'll pay.
What if you decide you want permanent insurance, can you convert your term policy to permanent?
Yes, many term life insurance policies offer a conversion option that allows you to switch to a permanent life insurance policy without undergoing another medical exam. However, you must purchase a convertible term policy to access this feature. Keep in mind that:
Timeframes vary by insurer: Each insurance company sets its own rules about when you can convert, often requiring it to be done within a specific period (e.g., the first 5-10 years of the policy or before a certain age).
Premiums will increase: Permanent insurance policies are more expensive than term policies because they provide lifetime coverage and may include cash value accumulation.
If you’re considering a term policy with the option to convert, check the insurer’s terms and conditions to ensure the conversion timeframe aligns with your future plans.
What are the different types of term polices?
Level Premium: The premiums remain the same throughout the entire term, making it easier to budget for.
ROP (Return of Premium): Offers a refund of premiums paid if you outlive the term. This option costs more but provides a way to recoup your investment, while still providing protection.
Guaranteed Issue: No medical exam is required, making it ideal for individuals with health issues who might not qualify for other policies. However, these policies generally have higher premiums and may have limited death benefits during the first few years of coverage.
Does term insurance build cash value?
Unfortunately, no. Term life insurance is designed to provide coverage for a specific period and does not include a savings or investment component. This simplicity makes it the least expensive type of life insurance, which can be ideal for individuals seeking affordable coverage for temporary needs.
Who is term insurance good for?
Anyone with a limited budget: It provides affordable coverage for those who need financial protection without high premiums. Families with young children: Ensures financial security for dependents in case of an untimely death.
Young adults with limited income: Offers basic coverage for those just starting their careers who expect their income to grow and may consider more comprehensive coverage in the future.
