What is term life insurance?

Term life insurance is a straightforward product that works well for many people. There is no cash value, and the life insurance policy is in effect for a designated period of time, or term. The length of the term can vary from 1 year to 30 years or more. Your premiums will not increase during the term, even if your health picture changes. However, towards the beginning of the term, they are usually higher than they would be with a shorter term product.

Most life insurance companies will let you renew the term after it expires, at the cost of an increase in premiums. This can still be a good deal if you pay a small increase to lock in another 10 or 20 year term, but is not necessarily the best choice if you can renew only in 1 year terms.

Even if you renew the term life insurance after the guaranteed level premium term period is over, all  term life insurance normally expires when you reach a specific age such as 95 or 99. However, most policies are convertible to a whole life or permanent insurance product up until you reach a certain age (usually age 70) that either does not expire, or expires at an age that you can choose such as 90, 95 or 100.

Family owned and operated since 1969, American Term is dedicated to getting you the right life insurance at the right price, even if you are considered high risk. If you have been quoted a high price or even told that you are uninsurable, we can help! Call us today at 1-800-380-3533 to learn how our unique dual application process can bring your life insurance premiums down. We look forward to working with you.