Term insurance provides protection for a specific period of time and initial premiums are generally lower than those for permanent insurance, allowing you to buy higher levels of coverage at a younger age when the need for protection is greatest. It pays a benefit only if you die during the term but many policies can be renewed when you reach the end of the term.
Features and Benefits of the New Freedom Term Series are:
- Low cost term insurance coverage through age 95
- Premium Bands
- Face Amounts between $25,000 to $99,999 include rates for Tobacco and Non-Tobacco users
- Face Amounts of $100,000 and over include Preferred rates (not used a tobacco for the past 36 months)
- Issue Ages:
- 18 to 65 (for the 10, 15 and 20 year plans) and 18 to 55 (for the 30 year plan)
- Premiums are guaranteed for 15 years and projected for the entire term (premiums are guaranteed for 10 years on the 10 year plan)
- Five Terms Available (after the term, the plan becomes an Annual Renewable Term Plan)
- 10-year Term
- 15 Year Term
- 20 Year Term
- 30 Year Term
- May be used as a rider on Whole Life and 10-Pay and 20-Pay Life plans
- Re-entry is not available.
Who Should Choose It?
- Freedom Term may be right for younger people with limited means and many financial responsibilities.
- It can also serve as a short-term, stopgap means of pure protection.
- Affordability is an issue.
- It's simple and effective coverage.
- It's for a set period of time: It covers your income earning years
- Ability to purchase more coverage as needed
- It usually makes the most sense for families because typically, with growing children and all their expenses, they need a tremendous amount of insurance.