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Term Insurance

Type of coverage:
Temporary:
Premium and death benefit can be guaranteed for
1, 5, 10, 15, 20, 25 or 30 years, depending on policy.

Premium:
Guaranteed for the selected term but will increase thereafter.
Term insurance offers the highest amount of insurance for your premium.

Death Benefit:
Guaranteed for the selected period of time but lapses thereafter.

Cash Value:
None.
Alternative: While it is not considered "cash value", some companies do offer a policy with "ROP"*.
TERM WITH ROP = Return Of Premium. This plan refunds all the premiums spent at the end of the term.

Comments:
Term insurance offers the highest amount of death benefit for the lowest premium.
It is often used to protect against untimely death and loss of income and to pay for temporary needs like raising children, education, mortgage, etc


Options/Riders:
Convertible:
When shopping for term insurance make sure that the policy allows for a conversion from term insurance to permanent insurance at any time throughout the term.

Renewable:
This allows you to renew your policy end the end of the term, for one additional year at a time, at the current premium.

* Term with ROP cannot be compared with Universal or Whole life insurance since no cash value is accumulated and the death benefit is only temporary. However, term with ROP will refund all premiums paid at the end of the term.

 

 

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