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Songer Benefits, Inc. Blog

All You Ever Wanted to Know About Insurance

Term Life Insurance

Term life insurance offers several low-cost life insurance solutions to meet your ever-changing needs. Benefits range from 10 to 30 years, offering the flexibility to build a life insurance program that best suits your needs. With term life insurance, you have a guaranteed level death benefit, guaranteed level premium for the duration of a specified term period, convertible to an eligible permanent insurance product at the end of the guaranteed term period or the policy anniversary following your 70th birthday, whichever comes first, without providing health information or proof of insurability.

Many people purchase term life insurance to replace their income, future education expenses, mortgage and loan protection, debt balance protection, divorce decree requirements starter coverage. Some businesses use term insurance as crucial person protection, buy-sell funding, or loan collateral. 

You have guaranteed level premiums and death benefits for the term period selected, annually increasing after that with term life insurance. It is guaranteed renewable to age 99, providing you with the benefit of life protection over the long term. Generally speaking, if you are 55 years or younger, you can purchase a 30-year term insurance policy. If you are 60 years or younger, you can purchase a 25-year term life insurance policy. If you are 65 years or younger, you can purchase a 20-year term life insurance policy. If you are 75 years or younger, you can purchase a 15-year term life insurance policy. If you are 75 years or younger, you can purchase a ten-year term life insurance policy.

You can purchase some optional benefit routers with term life insurance or accelerated benefit riders. This allows advanced payment of the death benefit if the insured has been diagnosed by a physician with a terminal illness or has been confined continuously for 90 days in a nursing home and is reasonably expected to remain there for the duration of the insurance life. The maximum lifetime benefit available is 50% of the death benefit or $250,000, whichever is the lesser. 

You can also have an accidental death benefit rider in the event of an accidental bodily injury; this rider pays an additional death benefit amount for deaths that occur within 120 days after the injury. Issue limits are from 25,000 to 500,000 but cannot exceed the face amount of the base policy. The issue ages for this writer are 15 to 60 years old.

Songer benefits represent the highest-rated life insurance carriers in the United States. We are independent professional agents skilled at identifying risk and can customize policies to meet your needs. Independent agents know that not all policies are alike. When planning your insurance program, they choose from several insurance companies' policies. For more information on term life insurance, please contact Songer benefits.