Term Life Insurance

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Term Life Insurance offers temporary coverage for a specific period of time, such as 10, 20 or 30 years. As long as you keep up with your premium payments, your insurer will pay the face amount to your beneficiaries if you die during the term.  

When you buy a term life insurance policy, the insurance company determines the premium based on the policy's value (the payout amount) and  such factors as your age, gender, and health.

If the policy expires before your death or you live beyond the policy term, there is no payout. You may be able to renew a term policy at expiration, but the premiums will be recalculated based on your age at the time of renewal. 

Term life insurance is attractive to young people with children. Parents can obtain substantial coverage for a low cost, and if the insured dies while the policy is in effect, the family can rely on the death benefit to replace lost income..

Term with living benefits has the same protections as straight term but it allows you to access your benefits while you are living.  You can  access your death benefit if faced with a qualifying chronic, critical, or terminal illness. This is a layer of protection for you in the event something did happen.

Return of premium (ROP) insurance is a type of term life insurance policy that provides a death benefit to your beneficiaries if you die during the term of your policy but refunds the premiums paid if you outlive the policy term.  With a Standard term life insurance policy, you won’t receive any payout if you outlive the term. You’ll pay considerably more for ROP insurance than a regular term policy.