Term life insurance is a low-cost way of providing maximum coverage for your family. Protection is provided for a limited number of years. The insurance expires without value if the insured lives beyond the policy period, usually 5 to 30 years.
Term insurance premiums will not increase during the guaranteed policy time period (term) you select. Term life insurance pays a death benefit only if you die during that term. Term insurance generally provides the largest insurance protection for your premium dollar.
Term life Insurance remains in force for as long as premiums are current, provided there are no misrepresentations on the application. The insurance coverage terminates if you discontinue your premium payments. Some term insurance policies offer a conversion option that allows the policyholder to convert a portion or the entire face amount to a permanent policy usually without providing evidence of insurability.
Term insurance with Return of Premium option
A return of premium option provides for a refund of the premiums paid on a term life insurance policy if the policyholder doesn’t die during the stated term. This reduces the policyholder’s net cost to zero. National Insurance Associates has options available for 50%, 75%, and 100% ROP.
