Compare car insurance. Term Life Insurance Options With Pride Life Insurance

What is Term Life Insurance?

The term life insurance definition: Insurance that for a specific amount of time provides coverage. Generally, you can buy term life insurance for periods north of 5 years, and your policy is active until that period passes. Because term life insurance expires at the end of the period, term life insurance is much more affordable than whole or permanent life insurance. Life insurance options.

Like auto insurance or homeowners insurance, it provides protection the beneficiaries in the case of an event or accident. In the case of term life insurance, it provides protection for the beneficiaries in the event unexpected death. Over the course of the term, you have fixed premiums that stay the same for the duration of the term. At the end of the term, insurance carriers can renew, change, or cancel your policy.

Often insurance companies renew, but the premiums increase drastically at the end of a period. Most individuals drop the coverage at this point because it’s so expensive. An example where this is not the case is when the insured is very ill and no longer able to qualify for a new life policy.

Like all Life Insurance, Term Life Insurance companies will pay the value of your policy tax-free to your designated beneficiaries in the event of your unplanned death.

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Features of Term Life Insurance

It turns pennies into dollars

An alternative to whole life insurance

Serves as income replacement if you die to give your family the financial ability to cover expenses

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Allows a policyholder to buy riders

In most cases, you can convert your term policy into a permanent one without a medical exam. It’s important to consider if there’s any possibility you’ll want to extend your coverage beyond the term. The conversion could be extremely valuable for you in the event your health declines.

Variations In Term Life Insurance

It’s not really “one size fits” all when it comes to term life insurance. You have some options. What type is best for you? Use our calculator and then have one of our concierge service represents help guide you through the process.

Group term life insurance
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