Term Insurance Policies

Convertible term insurance can be sold for a cash settlement if the face value is at least $250,000.

Basics of this policy

Temporary insurance for a period of years is known as term insurance. These policies can be 30 year term, 20 year polcies, 10 year insurance or other length of time.
Term contract plans are less expensive because the insurance policy does not cover you for your whole life. They are less expensive because of this and are easier to underwrite. If you are looking to protect your family for 10 years, 20 years or other set time, a term insurance plan can be very affordable and the right choice.

There is no cash value on a term life policy.

30 Year

This is usually the longest length of time for a term insurance plan. 30 year temporary policies will carry low monthly premiums, provide for a beneficiary (one or more) and protect the insured's family or other for 30 years. Once the term is completed, the contract will expire.

Annual Renewable Term

A key strength of Annually Renewable Term (ART) is in providing the insured with low-cost death benefit protection. Renewable offers term life insurance coverage that lasts one year. Coverage may be renewed for successive one-year periods to age 95. Premiums increase annually and are guaranteed for five years. These policies can be converted anytime up to the final conversion date shown on the data pages, which is the earlier of the level premium period or insured's attained age of 70.

Annual Term is designed to:

Provide businesses with temporary protection during the costly start-up phase

Help fund a business buy-sell agreement, or provide temporary collateral as proof of credit

Help balance basic life insurance coverage needs and temporary cash needs such as helping replace household income in the event of death

SELL TERM LIFE POLICY