Term Life Insurance
Of the two major categories of life insurance - term and cash value - term life is the easiest to understand and most cost-effective risk management tool to employ. Term life insurance essentially allows you to rent the death risk protection you desire for a certain number of years.
The timeline is usually your working years and the coverage affords important protection for your family or business from the financial hardship caused by the death of the breadwinner or key-person.
Term life insurance is the best option to protect against the risk to achieving specific goals - funding college for your children, funding a survivor benefit for a spouse, retiring mortgage debt or funding a buy-sell agreement between business partners - that has a foreseeable timeline. For situations where the risk timeline is less clear, adding a conversion feature to the term life policy that would allow the policy holder to convert the policy to a cash value policy without evidence of insurability, can be a good planning strategy.
Contact us or contact your local branch today to learn more about how we can help you plan for term life insurance.
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