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Term Insurance

Term Life Insurance, known as Temporary Life Insurance, covers a specific need for a certain period of time. A term life insurance policy may be low cost and may be renewable; however, coverage will expire at the end of the life insurance term policy contract. There are no cash values available with a term coverage policy contract.

Term life coverage is available with convertible provisions to a permanent life insurance policy, this is more preferable and recommended for the insured. Term insurance is available to almost anyone, but at what price? If you are healthy and insurable, you can typically buy cheap term insurance. If you are not, you may be faced with paying the renewal premium and visiting your doctor to ask why.

Insurance premium rates will increase upon each renewal term and often become cost prohibitive. Upon each anniversary renewal, the risk of claiming on the insurance coverage becomes greater, yet many people cancel or lapse due to the increasing cost of term insurance policy.

It is also important to note and be aware; a policy may require that you present evidence of insurability upon renewal to qualify for possibly lower renewal rates. Know and understand your policy renewal provisions.

Term Life Insurance is ideal for a specific need such as Mortgage Life Insurance, covering a bank loan or liability,

Contact your Global Advisor today for a quote or to arrange a review of your insurance needs.