What is Term Life Insurance?
Term life insurance provides coverage at a fixed premium rate for a specific length of time. At the end of the term, anywhere from 1 to 30 years, the coverage at the initial premium rate may either expire or will continue at different premium rates and under new terms. Many policies will offer the option to convert the term policy to whole life insurance at some point during the term of the policy.
Why do I need Life Insurance?
Social Security only pays a death benefit of $255 to qualified individuals, and yet funerals and other final preparations can cost thousands of dollars. Without insurance to cover these charges, some people could go into debt to come up with the money.
There are many uses for life insurance in addition to paying for final preparations. Life insurance can be used to replace lost income, especially in the death of the main wage earner. It can also help pay for college education for children left behind when one parent dies prematurely. With one less income, bills and debt left behind could affect your family’s ability to maintain their standard of living. That’s why it’s important to have the right amount of coverage.
Standard Life Term Life Insurance benefits include:
- Five Coverage Term Options:
- Annual Renewable Term (ART), 10, 15, 20 and 30 years
- Level Death Benefit up to age 951
- Living Benefits: Critical, Chronic and Terminal Illness
- Children’s Term Rider
- Underwriting Classes: Preferred Plus, Preferred, Standard Plus, Standard and Substandard
- Face amounts range from $50,000+
- Issue ages: 18-702
- Children Term Rider3
- Face amounts from $1,000 - $25,000
- Issue ages 15 days - 18 years
Policy Form Series ART12SLAX and Riders CTR12SLAX, ABR14SLAX-CT, ABR14SLAX-CH, ABR14SLAX-TM may not be available in all states.
2Maximum age is 65 for 15 years and ART, 60 for 20 year, 50 for 30 year.
3Available to Primary Insured up to age 55.