Peter Foldes Life is busy, money can be tight, but you can still protect those you love most. The good news is Term Life Insurance provides an inexpensive way to make sure your family will be provided for and allow you peace of mind.
Term Life Insurance is less expensive, but here are some of the most common questions people have.
1 – What is the difference between level and annual renewable term?
Level term means the premium stays level for the number of years you have purchased it—for instance, a ten-year level term. Whereas the annual renewable term renews each year, the cost increases each year.
2 – With a level term like a twenty-year level term, what happens after twenty years?
In most cases, you can still keep the coverage, but the cost will increase substantially.
3 – What can I do if I need a different policy?
Most companies allow you to convert your policy to one of their “permanent policies”—a good idea when purchasing a term, finding any restrictions the insurance company may have on conversions.
4 – Do I have to convert my entire death benefit if I move to a new policy?
Probably not. Most companies allow you to convert a portion, usually $100,000 minimum, at any time.
5 – Can I convert to a permanent type of policy at any time?
Most often, the answer is yes. Again each company may have its own rules about when and how to convert.
Term life insurance is a great and economical way to protect those you love. To get the best results speak to a financial professional who can help guide you to what is best for your family while helping you “get there.”
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