TERM LIFE INSURANCE
Term insurance is the most cost-effective life insurance option. It is for suitable for family or individual who want the protection for a particular term. The premiums are guaranteed for the term you select: 5, 10, 15 20, 25, 30, up to 100 years. Term Insurance is a best choice to Pay off a mortgage, Funding buy-sell agreements and protect small business owners with key employees etc.
Most of the term policies have a renewable and convertibility feature that allow you to convert all or part of the term coverage to permanent insurance, without further evidence of insurability.
There are three categories of Term Insurance products:
Level Term Insurance
This type of term insurance is the most widely used because the annual premium is fixed and guaranteed for the life of the policy. 10, 15, 20, 25, 30, and 100 years are typical terms.
Yearly Renewable Term Insurance (YRT)
As the insured person ages, the payment in this form is paid for a year of coverage. With each renewal term, premiums rise, but they get quite expensive as you get older.
Mortgage Insurance
Mortgage Insurance is a type of insurance that reimburses investors or lenders for losses resulting from a mortgage loan defaulting in the case of a person’s untimely death. The fundamental idea behind Mortgage Insurance is that it will cover the remaining balance of your loan if you pass away or become permanently disabled.
