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) the plan from a term 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. 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 this 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.