Agile Insurance Strategies

Insurance Risk Management‚Äč

Term Life Insurance

Term insurance is a type of policy that provides coverage for a certain period of time or a specific term of years such as 10, 20, 30-year term.  If the insured dies during the time period specified in a term policy and the policy is active (premiums are paid), a death benefit will be paid to the designated beneficiary. However, if the insured outlives the specified term in the policy, no benefit is paid. Many term policies offer level premiums for the duration of the policy. Some term policies include an option to convert from a term to a permanent life insurance policy.

Convertible Term life insurance policy allows a limited number of years before it expires to convert into a Whole Life or Universal Life insurance policy. The major benefit of convertible insurance is that the policyholder doesn't have to take a medical exam or prove insurable in order to convert to a permanent life insurance policy down the road. The price of Life insurance is based upon age, gender, and health at the time of purchase.

Return of Premium (ROP) term life policies can be used for a mortgage protection program when you need to add more coverage for a 20 or 30 year period.  At the end of the term of this policy, the premiums can be returned to the insured or converted to a final expense policy.

Interested in Term Life Insurance?

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