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Term Life Insurance is temporary life insurance protection for a specific period of time. Think of it as "plain vanilla" or "pure" life insurance protection. The premium on a Term policy is low compared to other types of life insurance because it builds no cash value; you pay only for the cost of insurance (C.O.I.). The C.O.I. is the amount of money the insurance company charges to keep your life insurance policy in force, depending on your age and health at the time you apply for coverage. Under a Yearly Renewable Term policy, the C.O.I. is determined at the time you apply and increases at each policy anniversary (as you get older, it becomes more expensive to insure your life). Under a Level Term policy, the C.O.I. remains level during initial guaranteed period and then increases sharply. Term Insurance pays a specific lump sum to your designated beneficiary if you die within the period covered by the policy. The policy protects your family by providing money they can invest to replace your salary, and to cover immediate expenses incurred by your death. Term Insurance is best for young, growing families, whose financial needs are especially high but whose resources are often insufficient to cover those needs.
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We want you to make the most informed decision possible when planning for your family's financial security. Paying low premiums should not be your only consideration when shopping for insurance. After all, a cheap policy may not adequately protect your family over the long-haul. Buying life insurance, disability insurance, long term care insurance or annuities requires serious decisions and thoughtful planning. Consulting a licensed insurance professional can help ease the burden and provide peace of mind.
Quick Fact: Face Amount - The dollar amount to be paid to the beneficiary when the insured dies. It does not include other amounts that may be paid from insurance purchased with dividends or any policy riders.
