Term Life Insurance

Term Life Insurance Jacksonville

If you are like most people and live on a budget, term life insurance may suit your needs. This type of insurance coverage provides added protection for your family in the event of death during a set period of time. Term life insurance allows the insured to obtain a large amount of insurance coverage during their working years when a family has the greatest financial needs. With term life insurance, the policy coverage ends when the insured dies or the specified term for that policy has ended. A term policy is the least expensive, easiest to qualify for and most basic form life insurance.

Affordable Temporary Life Insurance

At Nsurance Nation, our Jacksonville term life insurance specialist can help you determine the best type of term policy for immediate coverage. This form of temporary life insurance is designed to last between 5 to 30 years with policy options that can include:

  • Annual Renewable Term. This type of term life insurance guarantees insurability for a set period of time. Policy premiums are paid annually based on a one-year contract. Although the person is assured of continued coverage, premiums go up with the insured's age.
  • Level Premium Term. This is the most common type of term insurance and unlike an annual renewable term policy, the premium is guaranteed to stay the same each year regardless of health. With level premium term, the insured selects a payment period of typically 10 to 20 years.
  • Decreasing Term Insurance. This type of annual renewable term provides a death benefit that decreases at predetermined rate. Over the life of the policy, premiums are constant and defined by the contract. However, there is a reduction in payout of death benefit that is adjusted monthly or annually.
  • Increasing Term Insurance. An increasing term policy works the exact opposite of decreasing term insurance. The payout increases over the life of the policy. Premiums, however, may or may not remain the same but the coverage is always based on the health of the insured at the time of the original policy.
  • Convertible Term Insurance. Convertible term insurance has a policy provision that allows the owner of policy to convert to a permanent life insurance, such as whole life. The insured does not have to show that he or she is in good health, but conversion has to be accomplished during a period specified by the convertible term insurance policy.

Annual Renewable versus Convertible Term

People often choose annual renewable term insurance during their working years when a death would have the greatest financial impact. Unless the payout is to be used for estate planning or a business buyout, the need for term life insurance begins to diminish after retirement. If there is an income need for the surviving spouse convertible term insurance may be the best option. Determining how much life insurance is needed requires a quick calculation using annual household expenses, debts and an estimate final medical costs and burial expenses minus other sources of income and assets. Although the cost of a term policy is less, death benefits are only paid if the insured passes during the period of the term policy.

We make getting affordable term life insurance easier. Call to ask us how! 1-877-957-3487

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