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.
Freedom Term
Freedom Term
Features and Benefits of the New Freedom Term Series are:
Low cost term insurance coverage through age 95
Premium Bands -Low Band – Minimum $25,000 to $99,999 face amount (Tobacco and Non-tobacco Rates) -High Band - Minimum $100,000 face amount (Preferred, Non-tobacco and Tobacco rates)
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 plans available -10-year Term (plan becomes ART at the end of the 10 year period) -15 Year Term (plan becomes ART at the end of the 15 year period) -20 Year Term (plan becomes ART at the end of the 20 year period) -30 Year Term (plan becomes ART at the end of the 30 year period)
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 client’s earning years, not retirement
Your client’s can buy more coverage as they need it.
It usually makes the most sense for families because typically, with growing children and all their expenses, they need a tremendous amount of insurance.
Your client pays a yearly premium for a set period (the term) and if they die their survivors receive the full amount of your coverage.
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