A term life policy provides coverage for a specific period of time, such as 10, 20, or 30 years, during which level premium payments are made. You are covered while the policy is in force. When the policy’s level premium period ends, you can elect to renew the policy for an annual renewable term policy. This is generally available without the need for additional underwriting, but the annually renewable term rates will be higher than the level period rates.

When considering life insurance, term life insurance can be a good first choice — especially for families just starting out. Because term insurance is generally quite affordable — particularly for younger ages or temporary insurance needs — term life insurance is an easy way to help provide financial peace of mind for families. The death benefit will help a client’s beneficiaries fill the gap left by the loss of income and may help in preserving assets such as their home. Term life insurance can also cover specific financial obligations that will disappear over time, such as a mortgage or loans.

Because term life insurance is not permanent life insurance, it does not build cash value. There’s no commitment, either. If you decide to end your coverage before the term is up, you can simply stop making payments and that’s it — there aren’t any other obligations. And if you should change their mind, there is a grace period during which you can reinstate the policy.

Customize the policy to fit your lifestyle with different coverage amounts, term periods, and optional add-ons.

Permanent life insurance doesn’t limit the death benefit to a specific span of time. There’s always a payout, regardless of when the insured dies, as long as the policy remains in force. What’s more, permanent life insurance can build a cash value, which grows with each payment made in excess of the policy charges. Because of these valuable benefits, premiums for permanent life are usually higher than those for term life. In addition, certain types of permanent insurance also offer premium payment flexibility. 

With permanent insurance, your premium dollars less a premium expense charge are applied to the policy’s account value. From the account value, deductions are made to pay the cost of insurance and expenses associated with providing the policy. What’s left over becomes the net cash value, which takes into account policy surrender charges, if applicable.

You deserve a permanent life insurance solution that’s simple, guaranteed,  and customizable enough to meet whatever life throws at you. Most importantly,  you want something that will be there when you need it.