Term Life Insurance

What is Term Life Insurance?

Term Life Insurance is the most basic type of life insurance and is typically designed to cover life insurance needs for a specific amount of time.  As the name implies, term life insurance lasts for a specific amount of time.  You can choose terms of 1, 5, 10, 15, 20, 25, 30, and 35 years.  Purchasing a term life insurance policy will give you a large death benefit for a small amount of money.  If you purchase a term life policy, the policy will have a level premium for the length of the term you select, and will pay a death benefit if you pass away during the term.  At the end of the term, you could keep the policy, but at extremely high rates that will increase every year.

Why Would I Buy a Term Life Insurance Policy?

Term life is purchased to cover termporary needs, i.e. to protect a mortgage, to protect your family until children are to the age where they can support themselves, business purposes/loans, or for those on a limited budget who need a large amount of coverage.

What Happens at The End of The Term?

As mentioned above, term insurance has a level premium for the length of the term, and then begins to dramatically increase in price.  Highly rated companies (the kind we work with), have what is called a conversion option that allows you to “convert” part of all of your term insurance to a plan that will last for your entire life.  This can be very beneficial for someone who has experienced a change in health and may not qualify for a new policy, or pay an increased rate, as the insurance companies will base the rate off of the health of the person when they originally applied.

How Do I Get a Quote on a Term Life Policy?

Contact us for a West Virginia Term Life Insurance Quote today and we will guide you through the process of determining a proper amount of coverage, explaining the different types of coverage, and allowing you to select the plan that best meets your needs.

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