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Term Life Insurance and Term Life Riders

Term Life Insurance Plans Jacksonville Florida

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Term Life insurance is used to provide protection for your loved one left behind. This type of insurance policy will give you coverage at a fixed rate for a specific amount of time. If the person insured passes during the term, the death benefit is paid to the beneficiary. This is the least expensive way to ensure you have coverage in the event of an unexpected death.

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Converting Term Life Insurance

Even though term life insurance may cover you in the event of an unexpected death, another form of life insurance may provide better benefits. If you currently have term life insurance, you can convert it to permanent life insurance, even if your health deteriorates.

Converting your term life policy to a whole life policy will help you to build cash value and will allow you to qualify for a first year premium reduction. You can convert this type of insurance at any time before you turn 75 years of age.

If you need term life insurance or you want to convert your current plan into a permanent life insurance policy, call one of the Jacksonville agents at Thomas & Associates today to receive free term life insurance quotes.

Renewable Term Life Policies

If you decide term life coverage is right for you, a renewable policy may be the right choice. This type of policy allows you to renew the insurance for an additional term without a medical examination. However, most policies will not allow renewal after the age of 80.

Which Term is Best for You?

Most term life insurance options come with a choice of 10, 20 or 30 year terms. If you are over the age of 45, you may not be able to get a 30 year term, while if you are over the age of 65; you may not be able to get a policy with a 20 year term.

The term you choose will depend on the reason you want a term life insurance policy to begin with. If you are using this type of insurance to support your children and spouse, a 20 or 30 year term policy may be the best choice. You will also want to consider where you are right now and where you think you may be 10, 20, or 30 years from now.

Those under the age of 30 may want to choose a 30 year term to lock in the same low rate for a very long term. However, somebody in their late 40s may not qualify for a 30 year term and may want to choose a 10 or 20 year term for their life insurance.

Riders

Choosing the right riders for your term life insurance can make a huge difference. These are special endorsements you pay to have attached to the basic contract. Some of the most common choices include:

  • Waiver of Premium Rider – Often, this is a type of disability insurance added to the policy. If the insured person becomes disabled and unable to pay the premiums, the rider kicks in and no premium will be due.
  • Accidental Death Benefit Rider – Also known as a double indemnity rider, the ADB rider can be added for a small additional premium. It will usually double the death benefits if the death happens accidentally.
  • Child Protection Rider – With this rider, you will gain coverage for final expenses in the event you lose a child.
  • Return of Premium Rider – Adding the return of premium rider gives you the added benefit of getting all or the majority of your money back if you live until the end of the term. However, you will pay a higher premium for this benefit.
  • Spouse Rider – Instead of getting your spouse a separate policy, you may purchase the Spouse Rider to cover them.

If you’re ready to protect your loved ones with a term life insurance policy, Click Here and receive your free quotes today.

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Why Choose Life Insurance

  • To replace your lost income from a devastating terminal illness or accidental death.
  • Life Insurance can pay your final expenses like funeral costs, estate taxes, and debt.
  • Can be used to generate wealth to your heirs for future generations.
  • You can use it to leave a donation to your favorite charity.
  • Whole life or permanent insurance can be used to generate savings.
  • It is a sound financial planning tool.
  • Having a life insurance policy is saying I Love You to your family.
  • Call (904) 730-3900 speak with a Thomas & Associates expert today!