TERM LIFE INSURANCE UNDERSTOOD…
- Roger Kelly
An important part of a sound financial plan, life insurance provides a death benefit
To your beneficiaries and can replace some of the income you were earning.
This can help preserve any investments, savings. Or other assets.
Term Life Insurance…
Term life insurance is a policy that provides coverage to the insured over a certain
Length of time.
This makes this policy an asset to your overall financial plan.
Level term polices now can remain level for 10, 15, 20 or 30 years!
Reasons for buying term life…
Permanent insurance (Whole Life) is far more expensive than term life insurance.
If you have young children at home it may be a good decision to buy term to
Create an estate.
If you bought a home with a 30 year mortgage for $500,000 that might be another
Deciding factor.
If this is the case you might purchase a level term policy for $500,000 30 year
Term to pay off the mortgage.
If the insured passed prior to the term expiration the beneficiary would receive the
Full $500,000 tax fee in a lump sum benefit.
Term offers conversion options…
In most cases you can convert all or part of your term insurance to a permanent
Life product (Whole Life or Universal) without having to provide any evidence of
Insure ability.
(Plum Life currently allows a conversion minimum of 25 K)
This option let you keep some amount of the death benefit if you need some
Amount of permanent insurance later on.
The attraction of term is that it can be bought at an extremely affordable price.
If you lock in a rate at a young age when healthy the rate is guaranteed for the
Full length of the term.
Some clients like to combine term with a permanent policy (Whole Life) so that
During the early years they have maximum coverage and also have a policy that
Will last a life time for final expenses down the road.
It always pays to review your policy as term rates have dropped in price the last
Few years.
Important benefits of term life policies…
1. Term life policies are designed to meet a multitude of personal and
Business needs and offer the most coverage for your investment.
2. Term insurance provides protection for a certain period of time
(10, 15,20,25,30 years) and pay a death benefit to your beneficiary if
Anything was to happen to you during this time.
3. Term polices do not accumulate cash value but many allow you to
Convert to a permanent policy within a specific time period.
(Plum Life allows conversion to a whole life or universal plan at the
Conclusion of the term period prior to age 70.)
Why you need life insurance…
1. You can protect your family and eliminate your mortgage.
2. Allow your family to maintain their standard of living.
3. Give your spouse a retirement income.
4. Pay off outstanding debts you have incurred.
5. Keep the family business.
6. Protect business form the loss of a key employee.
Contact Me Today!
Hayden Childs
Alabama Licensed Agent
(205) 269-1382
“The grief is bad enough,
Don’t leave the burden
To your family!”
Need Term Life Insurance?
https://www.helloplum.com/agent/childs-806
Return of Premium
Now Available!
(18 – 60)
Plum Life, Inc,
400 Connell Dr, Suite 1300,
Berkeley Heights,
New Jersey 07922
We currently offer products from
The Savings Bank Mutual Life
Insurance Company of Massachusetts,
Woburn, MA. 01801
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