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Term Life Insurance Overview

Term Life Insurance is a popular choice for those seeking coverage for a limited time. It's designed to address temporary needs or provide a substantial amount of coverage at a relatively low cost.

Policy Duration and Structure
These policies offer coverage for specific periods, which can range from 5 to 30 years. Unlike whole life policies, term life insurance typically does not accumulate cash value and ends when it reaches the predetermined maturity date.

Key Features

  • Death Benefit: If the insured passes away during the policy term, the death benefit is paid to the beneficiaries.

  • Policy Termination: If the insured is still alive at the end of the term, the coverage ends, and the policy terminates unless it is renewed or converted to a whole life policy.

 

Common Uses
Many individuals choose term life insurance for various reasons:

 

Personal Protection:

  • Mortgage coverage ensures the house is paid off if something happens before the loan is settled.

  • Additional coverage is available while children are still in school or college.
     

Business Protection:

  • Business owners often use these policies to cover themselves or their partners during the business's operational life.

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Evolving Policy Features

Over the years, term life insurance policies have evolved to include various rider features for an additional cost:

  • Living benefits

  • Return of premiums

  • Disability premium waiver

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Renewal and Conversion Options

  • When the policy term ends, your premium may increase if you choose to renew, even if you initially selected a level premium term policy. However, you may also be able to convert your term plan to a whole life policy after it ends, even if your health has changed.

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Protect your loved ones and secure your financial future today with a term life insurance policy tailored to your needs. Contact Torain White at TWhite Insurance to explore your options, whether interested in new coverage, renewing an existing policy, or converting to a whole-life plan. Act now to ensure peace of mind for yourself and your family.

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