Term Life with Living Benefits
Financial Protection for Your Family … Simple
Term life insurance is one of the most affordable and straightforward ways to secure your family’s future. "Term" means you get coverage for a specific period, like 10, 20, or 30 years, ensuring your loved ones are protected when they need it most. The monthly premium you pay is a fixed amount during that term. The process to get approved takes about 2-6 weeks and involves completing a simple application, answering health questions, and sometimes having a short paramed exam. It's a small investment of time for a huge payoff in peace of mind.
Additionally, term life insurance can include living benefits, making it even more valuable. With living benefits, you can access up to 90% of your death benefit if you face a critical, terminal illness, or lose the ability to perform daily living activities. This means that instead of waiting until you pass away, the funds can be used to cover medical expenses, pay off debts, or support your family during a challenging time. People often choose this type of insurance to ensure their family’s financial security or to cover large debts like a mortgage. It’s a practical way to lift the burden off your loved ones and ensure they can live worry-free, even if the unexpected happens.
Frequently Asked Questions
How long does it take to apply?
Most life insurance companies have a short list of health questions to answer. Depending on your answers, the life insurance company may require additional blood work. This can be scheduled at your convenience. If you do not want to complete any blood work, ask your local agent about simplified issue policies. Simplified issue policies only have a few short health questions to qualify. These policies may cost a little more, but are much faster to apply and get approved for.
How much of a death benefit do I need?
This depends on why you are buying life insurance. Are you wanting to pay off a certain debt, like a mortgage or care loan? Or do you want to replace your income so your spouse can continue paying current expenses after you pass away? There are many different approaches you can take when deciding the amount of life insurance you need. Talk to a local agent to help you decide how much life insurance you may need.
What is the 'term' of my life insurance plan?
The term of your life insurance plan usually refers to the amount of time that you have a fixed monthly premium for a fixed death benefit. Most common terms of life insurance is 10 years, 20 years and 30 years, but life insurance can be purchased for much longer.
What are "living benefits?"
Living benefits are a lump sum amount of money that you have access to while your still alive. This benefit can pay out for critical illnesses like cancer, heart attacks, stroke, and major accidents. You have access to up to 90% of your death benefit with the living benefit rider. This rider can be added to any life insurance policy for an additional charge. Usually less than five dollars a month.
How do I get my policy?
After you approve your life insurance policy, the life insurance company will either electronically or physically deliver your policy with the full details of your plan of choice.
Premium Payments
Premium payments is the monthly amount you pay for your insurance plan. The initial premium, or binder payment, needs to be made before your plan starts. Be sure to watch your account to make sure the premium has been debited. Most carriers accept bank accounts, debit cards and credit cards as payment. If you need to update your account, you can log into your portal or call our office for help.
Full Summary of Benefits and Helpful Links
Official documents, such as your insurance policy or Summary of Benefits and Coverage (SBC), outline the details of your coverage, including deductibles, copayments, and covered services. Provider links, often available through your insurance company's website, offer directories of in-network healthcare professionals and facilities, helping you find the right doctors and hospitals that are covered by your plan. Utilizing these resources can empower you to make informed healthcare decisions and effectively navigate your insurance coverage.
Helpful Links
Schedule a consultation with a local health insurance agent
We're happy to meet with your in-person or over the phone to help you with your health insurance needs. We can help you with health insurance on or off the marketplace, Medicare Advantage & supplements, dental insurance, vision insurance, life insurance or accident plans. Thank you for letting us be your advocate. Best part, is our help is always free!
