As its name suggests, term insurance provides temporary coverage for a specified period of time. Sometimes a very short time period. Policies do not build up cash value, so if the policy is surrendered, the policyholder does not receive any cash. These unique policies are designed to meet a specific need for a stated period of time. They are sometimes purchased to supplement permanent insurance.
Term insurance is useful for people with limited income and high short-term insurance needs.
Initial premium rates for term coverage may be lower than those for permanent insurance products because of the limited periods of protection and absence of cash value, but the premiums can escalate rapidly at each renewals, as the insured gets older, your health changes or the term limits change. This allows the policyholder to convert the term policy to a permanent insurance policy that builds up cash value. Generally, no additional underwriting is required to do such a conversion. When you request a quote from this web page your information is encrypted because we use a secure server. Once we have the information you that you have sent to us we will then do all the search work for you and fax or mail to you a spreadsheet.