Term Life Insurance is a low-cost way of providing maximum coverage for your family. Protection is provided for a limited number of years. The insurance expires without value if the insured lives beyond the policy period, usually 5 to 20 years. Other policy life periods are available, including 1 year annual renewable term.
Term insurance premiums will not increase during the guaranteed policy time period (term) you select. Term Life Insurance pays a death benefit only if you die during that term. Term insurance generally provides the largest insurance protection for your premium dollar.
Term Life Insurance remains in force for as long as premiums are current, provided there are no misrepresentations on the application. The insurance coverage terminates if you discontinue your premium payments.
What is Return of Premium (ROP) Term life Insurance?
A return of premium (ROP) life insurance policy means that when the term of your life insurance policy is up and you’re still alive, you get the amount you put in as premiums returned to you,TAX FREE. If you paid $50 a month for a 10-year term, you get $6,000 back.