Get coverage for a limited period of time.
Term life insurance provides coverage for a limited period of time, the relevant term with low cost affordable premiums. Since the premiums are least expensive, there is no cash values in Term life insurance . Most term plans are convertible and renewable. The premiums are fixed and guaranteed for the specific period of time.
Preferred rates are also available for smokers and non smokers. The products offered on a single or joint basis. These term plans are suitable for the clients who want to cover their large debt (Mortgage) and income replacement with affordable premiums at early stages of their life.
The available term plans offer the coverage for 10 years , 20 years , 30 years and 40 years or choice of any term between 10 years and 40 years ( T13,T22,T31 ), renewable until age 80, until age 65 or age 100 (T100). The coverage amounts between $100,000 and $20,000,000. Term plans are available as stand-alone policy or as rider.
Stand-alone policy : It is a base insurance policy to cover a specific risk.
Rider : Rider is a optional coverage you can add to your base insurance policy ( new or existing ) to cover other risks.
You will pay additional premiums for additional coverage. Available riders are Child term rider, Accidental Insurance, Guaranteed insurability option, Term rider, CI rider, Disability waiver, Owner waiver, parent waiver, etc.
In general, there are two available sources for Mortgage life insurance in the market. Personal term life insurance and Lender’s Mortgage Insurance.
PERSONAL TERM LIFE INSURANCE Usually, Life insurance companies issue personal life insurance policies after completing all underwriting requirements. In this case, Your loved ones receive insurance benefits faster as there is no further verification of medical records at the time of the claim. It is like a comprehensive policy as per need based analysis to cover all risks including full Mortgage amount, income replacement, children education , final expenses ,other debts, etc.
LENDER’S MORTGAGE INSURANCE Lenders issue the mortgage insurance policies to cover only the mortgage balance to protect their debt only. It is like a creditor protection insurance. Comparison of this with personal Term life insurance is provided below.
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