Types of Term Life Insurance
Term life insurance is not just one product, but a variation of many different products. The primary characteristic of term life insurance is that it pays a death benefit if you die during the policy period. The secondary characteristic of term life insurance is what distinguishes one term life insurance policy from another.
Return of premium term life gives your premiums back if you live and pays your family if you die.
Return of premium term life insurance can help you financially protect your loved ones and potentially give them a significant lump sum of money to put toward anything they wish, like college tuition and other long term saving goals.
Convertible term life insurance helps you build for the future. The policy is designed to provide affordable term life insurance protection today while giving you the option to accumulate cash value and permanent life insurance coverage in the future.
Normally offered through employer benefits, renewable term life insurance are typically term policies with level death benefits and annually increasing premiums. These policies start with low premiums that increase, usually on an annual basis. Renewable term policies that increase premiums on a yearly basis are known as yearly renewable term (YRT) or annually renewable term (ART) policies.
You can get term life insurance coverage with nearly any death benefit amount. Coverage amounts are available from as small to very large amounts of death benefit protection. Level term life insurance is a policy in which the death benefit remains constant (does not change) throughout the selected term period.
Living benefits term life insurance policies are designed to cover three basic but important concerns of term life insurance buyers. What if I live too long, get sick or die? Most people know that term life insurance pays a death benefit if you die during the policy period, but what happens if you are healthy and live too long?
Living benefits term life insurance may be the answer for those people that live too long, even if they are healthy, by allowing them to get money from the policy’s death benefit.
In addition, if you get sick or hurt you can get access to the same death benefit for things like critical and chronic illnesses.
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