The simplest way to protect the ones you love is to purchase term life insurance. It enables you to lock in the lowest available rates for a specified period of time. If you should die within that time period, death benefits can replace lost income to help provide for the ones you leave behind.
How Term Life Insurance Works
This is the most straightforward type of life insurance policy. You pay premiums on a monthly or annual basis, and your dependents are protected during the policy term. There are a variety of affordable term life insurance products available. Our agent at Schmutter Strull Fleisch Inc. in New York, New York, can help you find a term life insurance policy to fit your budget, timeframe, and needs.
Types of Term Life Insurance
There are several term life insurance options to choose from such as select term, return of premium, and instant answer term.
You select 10, 20, or 30 years of coverage with level premiums for the initial policy period, which will increase annually thereafter. The policy may be renewable and convertible to a permanent policy.
Return of Premium
This type of insurance gives you coverage with a level premium for your choice of 20 or 30 years. All the policy premiums you have paid will be returned to you if you outlive the policy period.
Instant Answer Term
This type of policy provides death benefit protection for 10 years or until you turn age 50, whichever is longer. It is designed to provide base-level life insurance at an affordable rate.
The cost of term life insurance depends on the type and term of the policy, as well as other factors. A knowledgeable agent at Schmutter Strull Fleisch Inc. in New York, New York, can help you select the right term life insurance to protect your family. We are easy to reach, as we live and work right here in New York.