What Are The Benefits Of Term Life Insurance?

Term life insurance is a type of life insurance that provides coverage for a specified period. Here are some benefits of term life insurance:

Death BenefitIf you pass away while your term life insurance policy is in force, your beneficiary will receive the death benefit.
RenewableYou may be able to extend your coverage for another term, up to a specified age.
ConvertibleYou may be able to convert it to a permanent life policy.
Level or DecreasingTerm policies may be classified as either level or decreasing term. Level term policies, in which the death benefit does not decrease, are the more common form of term life insurance.
Return of PremiumSome term policies offer a return of premium option that entitles you to have some or all of your premiums refunded at the end of the term.

The cost of a term life insurance policy is based on the insured person’s health and age at the beginning of the term. Term life insurance policies may be more difficult or expensive to acquire as you get older due to declining health or increasing age. When your term ends, you’ll pay higher premiums if you renew or purchase a new policy. Some term policies allow for an increase in your premiums during your existing term. To avoid any surprises down the road, read your policy carefully and ask your insurance provider questions up front.

Buying life insurance is a step toward helping to ensure your family’s financial future. Consult with your insurance provider to determine whether term life insurance meets your needs.

This content is for informational purposes only and may not be applicable to all situations. This life insurance information is provided for general consumer educational purposes and is not intended to provide legal, tax or investment advice. Allstate life insurance issued by Direct General Life Insurance Co. and American Heritage Life Ins. Co. Life insurance also offered and issued by third party companies not affiliated with Allstate. Securities offered by Personal Financial Representatives through Allstate Financial Services, LLC. Registered Broker-Dealer. Member FINRA, SIPC. Check the background of this firm on FINRA’s BrokerCheck website.

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