Life is busy, money can be tight, but you can still protect those you love most. The good news is Term Life Insurance provides an inexpensive way to make sure your family will be provided for and allow you peace of mind.
Term Life Insurance is less expensive, but here are some of the most common questions people have.
1 – What is the difference between level and annual renewable term?
Level term means the premium stays level for the number of years you have purchased it—for instance, a ten-year level term. Whereas the annual renewable term renews each year, the cost increases each year.
2 – With a level term like a twenty-year level term, what happens after twenty years?
In most cases, you can still keep the coverage, but the cost will increase substantially.
3 – What can I do if I need a different policy?
Most companies allow you to convert your policy to one of their “permanent policies”—a good idea when purchasing a term, finding any restrictions the insurance company may have on conversions.
4 – Do I have to convert my entire death benefit if I move to a new policy?
Probably not. Most companies allow you to convert a portion, usually $100,000 minimum, at any time.
5 – Can I convert to a permanent type of policy at any time?
Most often, the answer is yes. Again each company may have its own rules about when and how to convert.
Term life insurance is a great and economical way to protect those you love. To get the best results speak to a financial professional who can help guide you to what is best for your family while helping you “get there.”
Learn More About IFW’s Life Insurance, Disability Insurance, and Long-Term Care Planning Services
- Find out what types of insurance make sense for your unique situation
- Learn how to determine an appropriate amount of coverage
- Pay the least expensive premium, while receiving the best value
- Discover how to use life insurance as a unique financial tool
- Plus, every participant will receive a free IFW Insurance Personal Report, including a review of all their current insurance and recommendations to improve their risk management program.
The IFW provides valuable financial education, resources, and services that help people live their best life.
Please remember, be mindful of the messenger that positions certain products or services as “always” bad or “always” perfect. The fact of the matter is there are no “bad products” or “perfect products”. The right product is the one that aligns with your goals and objectives.
The Institute of Financial Wellness believes when it comes to financial decisions; never say “Never” never say “Always”…It Depends.
Rees Bridges brings a unique value to the IFW as both a highly accomplished creative professional and a successful financial services executive to serve in his role as Senior VP, Marketing & Communications.
Over the last decade Rees has served as the lead marketing & communications professional for a Fortune 500 Financial Services firm. He oversaw all advisor marketing strategies, client communications, and the entire firms branding and marketing initiatives.
Rees continues to pursue his passions as a creative professional & musician for over 30 years, with an impressive profile and reputation as a designer, performer, teacher, and studio musician. Here is a little secret: He serves in the role as an international clinician for Mapex drums, Paiste Cymbals and held the record for world’s fastest drummer between 2006 and 2007.
Rees grew up in London, England and currently resides in Miami, Florida. When not at work, he enjoys spending time with family and friends, traveling, and indulging in his passions for music and creative pursuits.