Life Insurance – Term Life

Timely Death Benefit

These plans can provide the solutions to many of the financial problems that would be caused by premature death. They provide large amounts of coverage for various specific periods of time.

As term insurance, they are designed to meet protection needs that are temporary. As life insurance, they provide the special benefits described in the following paragraphs:

Tax-free benefit. No other product will provide such a large, instant cash windfall, income-tax free, at the very time it is needed most. (IRC Sec. 101 life insurance proceeds are generally held to be tax-free).
Benefit is paid immediately. Your beneficiary will receive the policy proceeds without the inconveniences of the probate process.
Financial privacy. Life insurance is not a matter of public record. Your beneficiary will receive the death benefit discreetly upon your death.
Premium payments. After an initial specified period, the life insurance benefits provided by these plans may be kept in force by the payment of increasing premiums through age 95. No additional evidence of insurability will be required after your policy is issued.
Convertibility. An attractive alternative to the increasing cost of term coverage is the ability to convert that coverage to permanent life insurance. These term products contain a conversion option which you may exercise during the policy’s early years, depending on your age and the term policy you choose. Check your policy for conversion details. This conversion privilege allows you to convert to a permanent policy without furnishing additional evidence of insurability.
Preferred ratings available. If you’re applying for at least $100,000 of coverage, you may qualify for one of the company’s “preferred” underwriting ratings, thereby reducing your premium.

Added Benefit Riders

If you qualify, the following riders can be added to your policy for an additional premium:

Disability Waiver of Premium. Your policy’s premium will be waived if you become disabled. (Disability must be continuous for at least six months and begin before age 60.) (Form LPW84)
Accidental Death Benefit. Provides an additional amount payable in the event of your death as the result of an accident. (Form DAM84)
Children’s Term Rider. Insures each child age 15 days through 18 years at issue while the benefit is in force. Coverage on each child terminates at age 25, but each $1,000 of coverage may be converted to as much as $5,000 of permanent insurance without evidence of insurability. (Form CTR88)
Spouse Term Rider. Provides a level amount of insurance on the life of your spouse, until the spouse attains age 95. Death benefit cannot be less than $25,000 or more than the death benefit on the primary insured. Can be converted to a permanent policy during the rider’s first 12 years (or prior to spouse’s age 65, if earlier. (Form SARTR94)