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Determining Coverage: How does Term life Insurance work? Term life insurance provides coverage for a specified period of time, which usually ranges from 5-30 years depending on your need for coverage. A death benefit (coverage amount) is determined when the policy is applied for, and the beneficiary receives the death benefit if the insured individual dies while the policy is in-force. Premiums on a guaranteed level term policy remain level for the duration of the policy. A non-guaranteed policy's premiums will typically remain level for a pre-disclosed period of time and then increase after that. There are usually various options available on most term life insurance policies, including child riders, accelerated benefits riders, and convertibility options to permanent insurance coverage. Term life policies are designed to meet a specific need for a stated period of time. Term life insurance can be especially useful for anyone who has a financial liability that must be insured (like the purchase of a home). Term life insurance is the lowest priced life insurance coverage on the market. Term life insurance offers the best life insurance value available by providing the largest amount of coverage with the least premium dollars. In comparison to permanent life insurance products (universal or whole life) term life allows you to save money on life insurance and invest the savings in a higher yielding investment.
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