Term Life Insurance
Term life insurance is well-suited to meeting large, short-term protection needs for the lowest initial cost. For example, a couple with young children and/or a mortgage might select term life insurance as an affordable way to obtain the full coverage they need today.
Term life insurance policies do a good job of meeting immediate needs and are renewable after 10 or 20 years without providing proof of health. The price will increase so that it’s appropriate for your age at renewal, and the increase in premium can become substantial in later years. Coverage ceases for term contracts once you reach the age of 75, 80 or 85 depending on the policy chosen.
Term life insurance provides the option to later move, or convert, to a permanent life insurance policy without providing proof of health. However, this ability to convert to permanent life insurance can expire as early as age 65 or 70. When purchasing term life insurance, you need to understand your conversion options.
For more information about what life insurance can do for you and how you can benefit from owning a policy, contact a financial security advisor associated with Freedom 55 Financial.
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