Term Life Insurance

Term Life Insurance is a life insurance policy that provides coverage for a limited period of time, or term. Once the length of term is chosen the premium is then fixed for that period of time. The term can be as short as one year but typically ranges from between 10 to 30 years depending on your age and insurance needs.

It must be noted when considering term life insurance that although its purpose is to provide a death benefit, this is only payable should you die during while the policy is active. At the end of the term the policy is typically renewable yearly at an increased premium.  We help our clients by reviewing their insurance needs and coverage options well before the end of the term so that there are no surprises.  Often a new policy is appropriate and occasionally converting the term policy to a permanent policy is called for.

Instant Term Life Insurance Quote

At Arlington Greene, we pride ourselves in finding the perfect policy for the professional individual. After discussing your needs, we find the best policy for you, the ideal coverage amount, and the perfect company.

For your convenience, we offer an online quoting system so you can get a general idea of how much a policy would could cost, instantly.

What are the Benefits of Term Life Insurance?

This type of coverage typically provides level term coverage and premiums. This means that once you have agreed your premium, amount of coverage and policy duration, these will remain unchanged. This is especially beneficial for those with a specific budget.

In addition, term life insurance is generally considered to give the best value for money. Typically it provides the largest amount of benefit per premium dollar paid.

Scenario example

John is a 40 year old male. He has purchased a term life insurance policy that will run for 30 years and give him $1,000,000 worth of coverage. This sum will be payable to his loved ones in the event of his death during the policy term. He is paying an agreed amount of $99 per month for this coverage with a top rated company such as Omaha Life.

Term life insurance can sometimes be renewable. This means that at the end of the term, should you still be living, your policy can be renewed for an additional term at an agreed premium.

There can also be the option to convert your policy to a cash value policy at the end of the term, again, if you are still living. Typically this will be available if you have reached retirement age and are not financially secure enough to manage without life insurance.

How do I know if it is the right Policy for me?

When considering term life insurance, it is important to take every factor into consideration. In particular you will need to ensure that the agreed term is adequate given your age and current position in life.

Due to its fixed nature, term life insurance can be especially beneficial where repayment of a particular debt is required. These debts could include loans, mortgages, college funds or even a retirement income for your spouse or partner in the event of your death.

As it is also considered to be the most affordable method of obtaining life insurance, it is also attractive to those on a budget who cannot afford the cost of whole life insurance, or for those who require their premium outlay to be fixed.

The bottom line is that term life insurance is very inexpensive and easy to manage therefore it provides an ideal solution should your need for death benefit be either short term or temporary. It is also ideal if the cost of a whole life policy is out of your reach.