What is Term Insurance Good For Anyway?

Electing Term Insurance May Just Be What Your Family Needs!

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

What is your most valuable asset? The answer is you and your ability to earn income. This service is a must for anyone that wants to make sure they not only learn how to best protect themselves and their families but also discover meaningful benefits and best practices when it comes to insurance and protection.
  • 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.

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