Term Life Insurance
What is Term Life?
Term life insurance that provides coverage at a fixed payment rate for a selected period of time. Often this term is 10, 15, 20, or 30 years.
If the insured dies during the time period specified in the policy and the policy is still active and in-force, the death benefit will be paid in full to the beneficiary.
Mortgage Protection
Mortgage protection insurance is a type of term life insurance designed to pay off your mortgage if you were to pass away.
Term or mortgage protection insurance can ease the financial burden on your family if you die, or if you are stricken with critical, chronic or terminal illnesses, and you can leave behind a lump-sum payment for your loved ones.
Many homeowners worry about leaving behind a huge debt in the event of their death. Mortgage protection insurance can safeguard your family against financial difficulties to ensure the house payment is covered after you pass away.
Living Benefits with Term Life
A term or mortgage protection life insurance living benefits provide the consumer a financial benefit when faced with a critical, chronic or terminal illness.
The living benefit provides an accelerated death benefit rider that advances a portion of the policy death benefit (potentially up to 90%) in the event of critical, chronic or terminal illness.
It allows you to access a portion of death benefit while you are still living under certain conditions with no extra fees.
Another benefit for term life insurance is the ability to convert your term policy to a permanent whole life policy at the end of the term period (10, 15, 20, 30) years.
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