With a Term Life Plan, premiums are paid throughout the allotted time period, but generally become higher during the life of the policy. If the policyholder passes away while the Term Life policy is in effect, the insurance company pays the face value of the policy to his or her beneficiaries; if the policyholder outlives the policy, nothing is paid to the beneficiaries and no equity accrues. Term Life insurance is the least expensive type of life insurance available.
Term Life insurance is beneficial for policyholders if:
- They need a high level of coverage for a specific period of time, perhaps while raising a family or while they are subject to other responsibilities.
- They are looking for lower cost life insurance.
- They do not want to use insurance as a way to build their investment portfolio.
Product Highlights
- Low cost death benefit
- Conversion credit during 1st five years
- Transferable waiver of premium
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