First Underwriters Insurance Brokers provide insurance protection for term life insurance for the period of time you want: Term life insurance is available in 10-year, 15-year, 20-year, or 30-year terms and is renewable each year until age 95. It can be converted to a permanent life insurance policy during the term period (up to age 65).
Term insurance is typically the most basic and affordable form of life insurance. It is designed to provide pure death benefit protection for a stated period of time, usually between one-30 years.
Term Insurance will only pay the death benefit if the client passes away during the term of the policy period. If the client is still alive when the level premium period ends and wants to keep the same coverage, premiums will usually increase significantly each year thereafter.
Many term products may be convertible to permanent insurance without going through additional medical underwriting; however, the conversion periods and products available for conversion will vary by carrier.
Term insurance lacks premium and death benefit flexibility and generally does not accumulate cash value. In general, term insurance is well-suited for:
Return of Premium Term
Another type of term insurance is the Return of Premium (ROP) term. ROP term provides a return of premiums paid at the end of the term period if the client is still alive and the policy is in force.
Often, the ROP term is used for business cases where cost recovery
If you are an earning person of the family, then you must have life insurance. When you buy term insurance, you will get peace of mind in knowing that your income will be replaced if you are no longer there to provide for your family..
If you have any big liabilities like home/car/personal loans then you must buy a term plan. A Term Plan will provide financial security to your family by providing lumpsum pay out in your absence
In case of your unfortunate demise, the benefits from the term plan can help your loved ones pay for their regular expenses and also achieve their long term goals.