Flexible Policies for Short Term Coverage
Term Life Insurance can help you secure your family’s financial future with easy, affordable protection
A term life insurance policy provides coverage for a certain period of time (or term), generally within a 5-30 year range. These plans cover unexpected death within the time frame of the policy. Unlike permanent Life Insurance options, Term Life Insurance does not provide a cash value.
Term Life Insurance can be purchased in large amounts for a relatively small initial premium, making it more affordable and accessible for families. While it has the common advantage of death benefits, the plans could also be used for short-term goals such as paying off a loan or extra protection during child-raising years. Upon expiration, policyholders can choose to renew or convert their plan to a permanent Life Insurance policy.
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How Does Term Life Insurance Work?
When you buy a Term Life insurance policy, the insurance company determines the premium based on the policy’s value and your age, gender, and health. In some cases, the following may also be required:
- Medical exam
- Driving records,
- Current medications
- Smoking status
- Occupation
- Hobbies
- Family history
If you die during the policy term, the insurer will pay the policy’s face value to your beneficiaries. This cash benefit is paid tax-free to your beneficiaries. The funds can be used to settle your healthcare and funeral costs, consumer debt, mortgage debt, and any other after-life expenses you may have.
It is important to note that if the policy expires before your death, there is no payout. Upon expiration of your policy, you can choose to renew, but the premiums will be recalculated based on your age at the time of renewal.
Get Covered Today with Landel Insurance
If you are ready to explore life insurance options, reach out to the licensed agents at Landel Insurance. We are ready to help you select the best plan based on your needs. We can provide recommendations for policy amounts as well as let you know if other options may be best suited for your situation. If you have any questions, please feel free to give us a call or send us an email.
How Does Term Life Insurance Work?
When you buy a Term Life insurance policy, the insurance company determines the premium based on the policy’s value and your age, gender, and health. In some cases, the following may also be required:
- Medical exam
- Driving records,
- Current medications
- Smoking status
- Occupation
- Hobbies
- Family history
If you die during the policy term, the insurer will pay the policy’s face value to your beneficiaries. This cash benefit is paid tax-free to your beneficiaries. The funds can be used to settle your healthcare and funeral costs, consumer debt, mortgage debt, and any other after-life expenses you may have.
It is important to note that if the policy expires before your death, there is no payout. Upon expiration of your policy, you can choose to renew, but the premiums will be recalculated based on your age at the time of renewal.
Get Covered Today with Landel Insurance
If you are ready to explore life insurance options, reach out to the licensed agents at Landel Insurance. We are ready to help you select the best plan based on your needs. We can provide recommendations for policy amounts as well as let you know if other options may be best suited for your situation. If you have any questions, please feel free to give us a call or send us an email.
When is a Term Life Insurance Plan Right for You?
When You Have an Outstanding Debt
Whether you’ve taken out a student loan, a car loan, or have credit card debt a Term Life insurance policy can help your family pay down your loans after your death.
When Your Kids Plan on Going to College
Funding your kids’ education can be challenging without a viable backup plan. Term life insurance can help you ensure that your children get the money they need to go to school or college in the event of your death.
WHEN YOU NEED TO COVER EXPENSES
From funeral expenses to monthly household expenses, the amount your beneficiaries receive from your Term Life Insurance payout will play a critical role in supplementing their finances.
WHEN YOU NEED TO PAY A MORTGAGE ON A HOUSE
In the event that you have outstanding mortgage payments. Your Term Life Insurance can also be used to pay the mortgage on your house. The funds can be used for expenses big and small.
Get Your Free Insurance Quote Today.
Get a Life Insurance Plan with Us
Get started today on your financial planning. A Life Insurance policy can provide your family with financial security upon your death and cover expenses ranging from funeral costs to college. If you are unsure of which plan is right for you, let us help.
Term life policies have no value other than the guaranteed death benefit (the payout after your death). There is no cash value or savings like with Whole Life plans.
Most people outlive their Term Life Insurance policies. If your policy expires before your passing, you get no money back from your policy. The death benefit is only payable to your beneficiaries if you pass away.
Most insurance companies have a maximum age limit of 80 to 90 years old for term life insurance policies. The premium of Term Life plans also increases substantially with age, meaning a policyholder in their 40s will pay a lower premium compared to a policyholder in their 60s.
Have Additional Questions?
Landel Insurance can provide you with additional insights regarding your insurance questions. Please don't hesitate to contact us!
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