When you buy a term life insurance policy, the insurance company determines the premium based on the policy's face amount, age, gender, and health.
In some cases, a medical exam may be required. The insurance company may also inquire about your driving record, current medications, smoking status, occupation, hobbies, and family history.
If you die during the policy term, the insurer will pay the policy's face value to your beneficiaries.
If the policy expires before your death, there is no payout.
Term life insurance is attractive to young families. The parents can obtain substantial coverage for a low cost. If the payout is needed, the family can rely on it to replace lost income.
Term life insurance provides flexible coverage for a specified period of time like 10,20 or 30 years. Your rates and face amount are locked it for the number of years you choose. The premiums are lower and a great choice for young families.
If you want to help protect your family in the event something does happen to you, term life is a good option. It also may be more affordable than other types of life insurance
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.
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