Insurance Information

This is generally the least expensive form of life insurance. Term life insurance is nothing more than ‘insurance’; it pays a death benefit to your beneficiary or beneficiaries if you die during the term specified in your term life insurance policy.

Term life insurance builds no cash value and as the insured gets older, the cost of premiums increases. Term life insurance normally has a term of one, five, or 10 years, sometimes with an option to renew. It offers affordability and flexibility and with a term life insurance policy, you select the amount and duration of your term life insurance policy's coverage.

One of the variables to term life insurance is a term life insurance policy where the policy is automatically renewable without proving insurability. It is guaranteed each year until the insured reaches a certain age, often 65, but insurers vary and this depends on the insurance company.

Each year the premium on the Annual Renewable Term Life Insurance policy will rise but you are guaranteed renewal after the initial issue of the Annual Renewable Term Life Insurance policy. Many insurers will also allow you to convert your Annual Renewable Term Life Insurance to a permanent insurance policy.