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Term Life Insurance
Why term
Life Insurance?
For
millions of Americans just like you, term life insurance is an ideal solution
for protecting your personal assets. Term insurance provides affordable,
guaranteed death benefit coverage for just as long as you need it. For some,
that means protecting their families from a mortgage burden in case of
premature death. For others, it means providing key person coverage to ensure
continuity for their businesses. If your needs change, the conversion feature
allows you to exchange your term policy for a permanent life product without
providing evidence of insurability.
What is
Term Life Insurance?
Term Life
Insurance, is only a death benefit. If you pay the premium, in the event of
death while covered by the policy, the insurance company will pay the policy
death benefit. When considering Term Insurance, you should first determine the
length of time you need the coverage and then look at the total cost over those
years.
Term
premiums may be based on annual renewable, 5, 10, 15, 20, 25, or 30 year level
arrangements. For short term needs such as to cover a bank loan or business
obligation, annual renewable, 5 or 10 year level premium plans are often the
cheapest. For longer periods of time, 15, 20, 25, or 30 year level premium
plans are often the best buy.
Consumers
with long term needs should be aware that if they keep a level term policy
longer than the initial level premium guaranteed period, their premiums will
increase substantially or may not renew.
First Choice Insurance Agency works with several insurance companies such as American General,
American National, John Hancock, Lincoln Benefit, and many others to find the
right product for your needs.
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