Term Life Insurance
Common Features of Term Life Insurance Plans
- Affordable: An equivalent amount of term life insurance is generally less expensive than permanent life insurance.
- Life insurance coverage is provided for a specified time frame or number of years from the date of issue.
- The premium amount is partly based on the age of the insured when the policy is issued, so premiums are lowest at the youngest issue ages. Once the premium amount is determined at issue, it remains level throughout the specified term of the policy.
- Some term policies are automatically renewable for one or more renewal periods (terms). The premium during a renewal term is based on the insured’s age at the time of renewal, so it will be higher than what was paid during the previous term but stays level throughout that renewal period.
- Term life insurance is appropriate for those with temporary insurance needs, such as coverage for a mortgage or other debt that terminates in a specified period. It can also cover needs of dependents which generally cease when the dependents are on their own.
- Term life insurance can be used to start a basic life insurance program when permanent insurance is too expensive, or to supplement existing permanent insurance.
- Term policies may be convertible to permanent life insurance without evidence of insurability. This is a very important feature because it means that coverage can be extended even if the insured’s health has changed.
- Term life insurance does not generally build any cash values or qualify for dividends.
- The death benefit is generally paid tax-free to beneficiaries and avoids probate.
Woman’s Life Insurance Society® Offers Three Term Life Insurance Plans
- Intuitions® Ten Year Renewable & Convertible Term Life Insurance
- Intuitions® Twenty Year Convertible Term Life Insurance
- Strong Start™ Term to Age 26 Convertible Term Life Insurance
For more information, request a free, no obligation needs analysis with a Woman’s Life representative.
Make the Connection: As a community life insurer, Woman’s Life provides the financial protection you expect with the added benefit of helping those in need. When you plan ahead to protect your family’s financial security, you also help support scholarships, soup kitchens, charitable events, and more. Through our Chapter Financial Support Programs, we support communities to help neighbors, friends, and families. Click here to learn about the Communities and Causes supported by active Woman’s Life Chapters.
