An insurance policy that provides a potential death benefit covered over a fixed period of time. At Everlife Financial, you can choose the term coverage anywhere from 5 to 40 years. After the end of the term, the policy no longer provides death benefit coverage. This is why they are often characterized as temporary insurance. There is no cash accumulation, which helps keep the cost relatively low. They can easily be renewed or converted to a Whole Life or Universal policy. Term Insurance can often be the best choice of life insurance protection meeting your needs now and fitting comfortably within your budget.
A cost effective way to obtain a large amount of insurance for a relatively low premium. Most suitable for clients who have a financial need for insurance coverage during a specific time period. The fixed term creates a lower cost insurance that translated into level and lower premiums when compared to permanent life insurance products.
Tax-free death benefits can bypass probate
A major advantage of term insurance is that the proceeds of the policy are paid directly to the named beneficiary tax-free, by passing the estate, and the delays and expenses surrounding probate.
Clients have the option to convert the Term policy to Whole Life or Universal Life insurance without the need to provide evidence of insurability again. This is advantageous for clients whose health have worsen, and insurance is now more expensive otherwise.
Who Should Consider Term Life Insurance?
One of your biggest financial obligations in your lifetime is most likely having a mortgage or a personal loan. Life insurance gives you peace of mind knowing that your loved ones are protected with no financial worries in case of your premature death. Thanks to term insurance, you can cover such things as:
FOR YOUR FAMILY
Have peace of mind knowing your family is protected. Only life insurance can provide you with an instant estate that would allow your loved ones to go on with their lives. Thanks to term life insurance, you could:
Arrange for your family to have temporary income, for the time it takes to get on with their lives.
Provide for your children’s education so that they could pursue their studies in case of your premature death.
As a single parent, give your children the necessary financial resources to carry them into adulthood.
FOR YOUR BUSINESS
Owning a business means investing finances and time without counting the hours you put in. Building a successful business often represents your life’s work. Have you thought about protecting the future of your investment? Thanks to term life insurance, you could:
Finance a buy-sell agreement
Insure one of your key employees
Meet the demands of your creditors concerning your financial obligations