Term Life Insurance Products
Generally, there are two types of term life insurance products that are available to choose from. These include:
- Annual Renewable Term: This product gives you a single year of coverage at a time that you are free to renew on a year-by-year basis. Annual Renewable Term or A.R.T., typically has the lowest annual premium to begin with, but the premium rises each year as you get older. This type of insurance works very well for people who have a temporary need and want to obtain coverage while keeping their initial investment and premium as low as possible.
- Level Premium Term: This product is purchased for a specific multiyear period. This type of term life insurance may be bought for periods of 5, 10, 15, 20, 25 or even 30 years, depending on your age when you begin. The product works very well for people who are looking for premium stability, as the premiums are guaranteed not to change from the first year to the last.
As you can see, there are a variety of products that can meet your needs regardless of your circumstances. If you are not sure what type of policy is best, we will work with you to determine how to maximize your benefit and find a policy that fits within your budget. Contact us today to learn more and get your term life insurance quote.
Learn More About the Types of Term Life Insurance
At Advisors Insurance Direct, we understand that our customers come from all walks of life. Therefore, it is important to offer a diversity of policies that can meet their individual needs. The two most common types of term life insurance available include annual renewable term and level premium term. Our agents can review your current situation and future goals and help you determine which of these options is best for ensuring that your needs are met.
Annual Renewable Term Life Insurance
Annual renewable term life insurance policies offer the following characteristics and benefits:
- The lowest annual premium to start
- Increasing premiums as the applicant gets older
- The ability to renew the policy year-to-year as needed
- An excellent choice for people who wish to pay as little as possible from the beginning
This type of policy is ideal for those who do not want to enter into a long-term arrangement and need a policy with affordable premiums. It allows you to have high amounts of coverage with the lowest initial premiums to fit into your budget today.
Level Premium Term Life Insurance
Level premium term insurance policies offer another set of benefits and characteristics, which make them a wise choice for some individuals. These include:
- Locking the premium amount for a given period of time
- Premiums are guaranteed not to increase from the beginning to the end of the policy
- Ideal for people who want to protect themselves from premium changes
- Gives you peace of mind because you know what to expect
In summary, because these term life insurance policies maintain level premiums throughout the life of the policy, you can be protected from high premium increases. This allows you to rest assured that you will be able to afford your premiums even into the future.
Request a Term Life Insurance Quote
If you are ready to ensure the well-being of your loved ones or business associates, and need help selecting which type of policy is best aligned with your current and future goals, contact us today. Our advanced degreed agents can assess your needs and provide you with a term life insurance quote that is based on your specific situation.
As financial professionals, we will never pressure you to do anything or use silly sales tactics. We are simply here to answer your questions, provide professional advice and walk you through the process of buying life insurance should you decide to move forward.