Life insurance is more affordable than most people think and helps your family deal with an uncertain future without you. While we don’t like to think about our death, having the right amount of life insurance helps to protect your loved ones from financial stress.
Term Life policies can be renewable and convertible. After the initial term (10, 20 or 30 years), you have the option to renew annually at a new premium each year until age 95.
Conversion (to a Permanent Life policy) options are available during the level term period (10, 20 or 30 years) prior to age 70. This converted policy provides insurance protection for the rest of your lifetime.
The two main types of permanent life insurance (Whole Life and Universal Life) both have a financial benefit paid to your beneficiaries when you die, and both have the potential to accumulate cash value over time that you can borrow against tax-free.
Mortgage term life insurance policies help your loved ones with mortgage payments in the event of your death. The premiums can be set to a variety of frequencies, and terms are usually 15 or 30 years – as are most mortgages.