The meaning of ‘term’ is simple. You pay your insurance premium for a period of time (the term) from one to thirty years and if you die during that time, the insurance is paid to the person or persons you designate to receive it – called the beneficiary(ies).
Term life insurance usually has the lowest premium in the early years, making it the most affordable life insurance - initially. Term life insurance does not build cash value. It covers you for a specified period of time – called a term. (Usually from 5 to 30 years, which you choose).
If you purchase a $1,000,000 term life insurance policy for a 20-year period and you die in any of those 20 years, your beneficiary receives the million dollars. But if you are still living at the end of the term, (20 years in this case) your insurance policy is over unless you can renew the policy.
When you renew (assuming your policy has that feature) it will renew at a higher price reflecting your now older age. Term insurance has no buildup of cash, as with whole life insurance. Some term life insurance policies do offer a return of premium.
We are committed to making it as easy and convenient as possible for you to purchase quality, affordable term life insurance for you and your family and to helping you make intelligent choices regarding your insurance needs.
You can instantly compare hundreds of term insurance quotes from top rated insurance companies. Our online search engine will provide you competitive insurance rates from highly rated insurance companies for comparison. It’s easy. You get your affordable term life insurance quotes right on this site, anonymously. You’ll see the prices instantly and can choose the insurance company that fits your needs. Then you click the “submit request” button and we’ll help you set it up.
You can convert your policy to a permanent plan of life insurance protection if your situation changes (see Universal Life Insurance).
How do you decide whether to have Term Insurance or Whole Life Insurance? There are benefits on each side and you need to assess which plan works best for your circumstances. Term policies are usually renewable, so that the insured may renew the policy without a medical exam up until a certain age. However, renewal premiums are always higher, because the risk of death increases with age. Convertible term policies can be exchanged for another type of insurance, such as whole life insurance. Whole life insurance (sometimes referred to as “straight life” or “permanent life”) is complete life insurance, combining death benefits for your whole lifetime plus cash value that you can use while you are alive. You can borrow against it or receive a lump sum if you cancel the policy. The cash fund is tax-deferred. Your premium stays the same throughout your life.
Why it pays to let LM Financial help you find the best, most affordable term life insurance
We will contact you promptly.
We will never sell your personal information to anyone.
Our computerized quote database accurately determines the coverage you qualify for.
You will get quotes from several highly-rated insurance companies, to make sure you get the best coverage at the best price.
We will assist you in getting your life insurance policy issued quickly and efficiently.We are committed to providing excellent customer service and the best term life insurance.
