"Term insurance helped me cover my mortgage"

Term Life insurance

Term life policies have many advantages and can be a very effective way to cover everything from short to mid-term life insurance needs, such as a mortgage or a line of credit.

Advantages:

Simplicity
Planning financial goals around a cash value insurance plan can get really complicated. There are non-trivial rules governing things like the size of your cash value savings versus the policy death benefit, and the repayment of policy loans. Term life, on the other hand, is the essence of simplicity -- pay the premium, get covered for the term (normally 10,15 or 20 years).

Competitive pricing
Due to term insurance being simple it is very easy to compare the costs between different companies. A very competitive market has led to very affordable prices.

Flexibility
Our term policies are 'renewable' and 'convertible'. The former insures that you can re-up for another term policy without a medical exam. The latter allows you to convert your term life policy into an equivalent cash value policy from the same carrier, should this make sense during the term of the policy.

 

Key Disadvantages:

The premiums will rise substantially when renewed
Most term policies expire at age 80 or 85 (Except Term to 100)
There are no cash values

 

3 Most Common term policies:

Term 10

Coverage for 10 years

  • The policy is renewable after 10 years
  • The policy can be converted into permanent life at any time
  • The premiums are guarenteed not to increase for the duration of the term.
  • No evidence of insurability required to convert

 

 

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TERM 20

Coverage for 20 years

  • The policy is renewable after 20 years
  • The policy can be converted into permanent life insurance at any time
  • The premiums are guarenteed not to increase for the duration of the term.
  • No evidence of insurability required to convert

 

 

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Term to 100

Coverage until age 100

  • The policy is not renewable
  • The policy can be converted into permanent life insurance at any time
  • The premiums are guarenteed not to increase for the duration of the term.
  • No evidence of insurability required to convert

 

 

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