Term Life insurance covers a set period of time such as 10,15,20 or 30 years. Term insurance is typically recommended to cover a debt or income replacement. Premiums on a term insurance policy are typically less expensive upfront than permanent insurance however once the term ends the product either increases or goes away. All Term insurance that is recommended by Edward Financial Group has an option to convert (change) from term insurance to a permanent plan assuming that their insurance is still needed.
All Term Insurance conversion options are not created equal some limit the type of plans that you can change to which can be extremely costly if you should need to exercise the option in the future. While others limit the years in which you can convert to less the entire period of the term. For example, a 20-year term where you can only convert in the first 10 years.
When you purchase Term insurance one of the little-known but best benefits are that you have protected your insurability. If you were to become sick you don’t have to prove to the insurance company that you are healthy to change the policy into a permanent plan. That can be the difference between leaving an inheritance to your loved ones or not.
Living Benefits are a game-changer as they allow you to accelerate (use) a portion of the death benefit while you are still living for things like Cancer, stroke, and heart attack. These policies are not limited to those three illnesses and cover for as many as 16 others depending upon the insurance carrier. This gives you the ability to take care of things such as medical bills, mortgage payments etc.
The term insurance our firm provides has the ability to change to a permanent plan. If your term is about to expire you have options to change to a permanent plan.
Term insurance generally stays level during the term period. However, there are policies that have a decreasing face amount. If you are in a policy with a decreasing face amount please Contact us
If you stop payment the policy goes out of force and you are no longer insured. The insurability is something that you also lose which in the event of an illness can be the difference between leaving a legacy or not.
Level Term plans are the most common these are term insurance plans from 5,10,15,20,25 and 30 years. There are other options such as return of premium term insurance. This will allow you to receive your money back at the end of the term.