What is Term Life Insurance?

Term life insurance is reliable and affordable. Whether you need temporary coverage for a year, or protection for your family until major debts are paid off, term insurance may be a good fit for your needs. It’s basic life insurance for which you’ll either pay level premiums for a specific time period — 1, 10, 15 or 20 years — or you’ll pay premiums that are renewable and increase each year as you get older. It pays a guaranteed death benefit to your beneficiaries, generally income-tax free, if you should die during that time period.

Term life insurance provides low-cost protection for temporary needs. It pays a level death benefit and does not build up cash value. Term insurance typically offers the most protection for your premium dollar, making it generally the most affordable type of insurance available.

Why Term Insurance

Since term insurance can be purchased in large amounts for a relatively low premium, it is well-suited for shorter-term protection goals, such as extra protection until a mortgage is paid off or children are through college. Coverage is convertible to a permanent policy, up until the end of the level term period but not beyond the insured’s 70th birthday

 

"But my employer provides it"

Many group life policies provided by employers are to 1 to 2 times salary. If something happens your family with only be protect for one or two years. Also, your coverage ends once you’re no longer employed. You can protect yourself and your loved ones no matter where or for whom you work — with affordable term insurance.

 

“I think I'll wait until..."

Waiting can prove to be costly, the older you get the more it costs to insure you. Also, as you get older the possibility of contracting an illness that can greatly increase your rates goes up as well. Most people feel they can live forever until an event occurs that changes everything.  Don’t wait for something to happen, be proactive and take action.

 

Health concerns

Don’t let a medical condition stop you from applying for life insurance! With advancements in medicine, diseases that may have been declined or postponed in the past now have the possibility of standard or even preferred rates. The only way to know for sure is to apply! I’ve listed some common health concerns we see every day.

 

These guidelines are constantly updated, but below you will see the best case scenario with a certain condition, and why someone would be declined.

 

High Blood pressure

Best case scenario: Stable, well-controlled. Blood Pressure 145/80 or less (150/90 ages > 60). No medication.

Possible decline if: Uncontrolled or untreated and Blood pressure over 165/100.

 

High Cholesterol

Best case scenario- Cholesterol 220 or less and ratio 5.0 – HDL > 35. Best class. Good family history. No hypertension.

Possible decline: Cholesterol over 400 or ratio greater than 11.

 

Diabetes

Best case scenario: Adult onset Diabetes Type II age 50 or older. A1c less than 6.6. No related conditions or complications.

Possible decline: Poor control of diabetes and symptoms as evidenced by A1c levels greater than 9.0. Acute or chronic complications.

 

History of not following treatment and/or making lifestyle adjustments.

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