1Not all optional coverage enhancements are available on all term life insurance policies.
Term life insurance is straightforward: It provides level term coverage for a specific period (or “term”). Term life insurance can be an especially good option when you’re just starting out, raising your family or building your business.
Each of our term life insurance policies offer unique benefits – benefits that appeal to your lifestyle today as well as your plans for the future.
Term Policy Options
A traditional term life insurance product, Choice Term offers a set amount of coverage for a pre-determined length of time. You choose the length of your policy –10, 15, 20 or 30 years, or the number of years until you reach age 65. With Choice Term, your premiums often remain level for the coverage period you select. If you choose to extend coverage, they’ll increase annually.
Income Guard Term Life
While many term policies offer a lump sum payout, Income Guard takes a different approach. It allows your loved ones to stay on their feet with set monthly benefit payments – like a paycheck – for many years, in addition to a one-time death benefit of $20,000. By receiving steady payments, their regular expenses like housing, car payments and childcare can be covered. The coverage period for this policy is 10 or 20 years.
Return of Premium Term
If you love the idea of having life insurance but don’t love the idea of spending money on a term policy you may never use, Return of Premium may be for you. With this policy, you choose a coverage period of 20 or 30 years and at the end of your term, you’ll receive a full return of all your base premiums. That lump-sum payment is non-taxable to you and can be used however you choose.
Our Increasing Term product is designed for people who know it’s important to have coverage now, but also know they'll need more coverage in the future – like when they expand their family or need to think about replacing a higher salary. The coverage period for this policy is 20 years. With Increasing Term, you’ll be allowed to increase coverage up to double the face value of your policy over the first five years without having to go through the underwriting process again.
Optional Coverage Enhancements
If your financial needs change and you find you need protection for a longer period of time – or for life – you may have the option of converting your term coverage to a permanent life insurance policy without a medical review. In addition, a conversion credit may be available.
Term Life Insurance for Children
This add-on coverage can provide term life insurance for each of your qualifying children, age 7 days to 23 years.
Waiver of Premium
If you experience a total disability that continues for 90 consecutive days, premiums will be waived for the duration of that disability. This protection ceases on the policy anniversary of the year you turn age 65 unless benefits are being paid under this rider.
Term Life Insurance with Living Benefits
If you are diagnosed with a qualifying terminal illness, you can receive money by utilizing a portion of the policy’s death benefit. This feature is provided at no additional cost.
After the coverage period you select comes to an end, you can purchase a new term life insurance policy without a medical review.
Financial Protection for Your Loved Ones
If your death occurs during the coverage period of your selected policy, the people you specify as beneficiaries will receive benefits from the policy either as a lump sum or through flexible income payment options. These benefits are paid directly to your beneficiaries, so there should be no additional costs or delays in receiving the financial benefit you’ve secured for them.