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At Health Care Solutions, we understand that life insurance can be confusing and stressful, but that’s why we’re here to help! We specialize in life insurance and will ensure you get the coverage you need with a term life policy.
Now, let’s get into the specifics of what a term life policy is!
Term life insurance is a life insurance policy that is valid for a certain amount of time. Depending on the specific policy, this amount of time could be 5, 10, or even 30 years. When you buy this policy from an insurance company, the company will decide what your premium will be based on the payout amount for the policy, your gender, age, and health.
Keep in mind that with a term life policy, the payout (death benefit) will only be given to your chosen beneficiaries if you die within the term of the policy. If you die after the policy has expired, your beneficiaries will not receive the payout. However, some term life policies can be renewed for another set term or converted to a permanent life policy.
If you are interested in learning more about renewing your policy or converting it, Health Care Solutions can help!
Before you make the ultimate decision to choose a term life policy, let’s go over the different types of term life policies available!
Level term policies, also known as level-premium policies, will provide coverage between 10 or 30 years, with a fixed death benefit and premium. The premium for this type of policy is typically higher than a yearly renewable term.
There is no specified term with this policy, but it can be renewed each year. As the policyholder ages, the premiums for this policy will increase.
The death benefit for this policy decreases each year, but there is a fixed, level premium for the entire duration of the policy.
Ready to talk more about life insurance? If you think that a term policy might be the right choice for you, give us a call today! We look forward to speaking with you and ensuring that you get the right insurance policy for your situation. Let’s pick out a life insurance policy together!