Term Life Insurance

People usually select term insurance to cover specific financial obligations, such as mortgages or college tuition, because it only pays if the covered person passes away within the stated period of time (the term). Die the day after and your family doesn’t get a dime. So what’s the point?

Live in the Frederick and nearby Ballenger Creek, Braddock Heights, Walkersville, Myersville and Green Valley, Maryland area? Save on your policy or get a better deal for term life insurance:

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Let's say you have 5 years left on your mortgage, at $1,200 a month. That's a $72,000 obligation your family might not be able to meet without your paycheck. But by purchasing a five-year term $75,000 policy, your family may not have to move.

Term is cheaper than permanent insurance because short-term coverage is lower risk for the insurer. However, the longer the term the more expensive it becomes. In fact, your premiums may increase every year, unless you choose a version that locks the premium in.

There are four versions of term insurance available:

  1. Convertible. This version can be converted into permanent coverage at any time without a medical exam. Premiums may increase if you do.
  2. Term. When it expires, you can create a new term policy without a medical exam, but the premium may be higher. The premium is also likely to increase every year.
  3. Level. The cost of this version stays the same every year, as do the benefits. If you want to renew at the end, you can expect a significant increase in premium, however, as you will have aged.
  4. Decreasing. In exchange for premiums that remain the same during the term, the benefit of this version decreases the more time passes.

Getting term life insurance in Frederick and nearby Ballenger Creek, Braddock Heights, Walkersville, Myersville and Green Valley, Maryland.