Quick facts about term life insurance
It’s a simple contract
There is no cash value
It’s subject to a physical examination
Coverage lasts a pre-determined number of years
It has a fixed annual premium
There is a fixed death benefit
It can not be extended without a new physical examination
An example of term life insurance
You might choose a 10 year, 20, 25 or 30 year level term policy with coverage ranging from a low of $100,000 up to $1M. The annual premium would be the same amount each and every year, with the cost based on your average age over the term of the policy. There are preferred, standard and sub-standard rates, not to mention smoker and non-smoker rates. All of this is determined a the time of application. If spouses purchase policies at the same time, a discount is typically allowed.
As to what term length makes the most sense, many policyholders pick a term that matches the length of their mortgage or they might choose a term expires when their youngest child will be a young adult and less likely to be dependent on their financial support.
Life Insurance in Bellingham MA
Get the term life insurance
you need for peace of mind.
We have decades of experience to make
sure you get the best possible care.