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Term life insurance

Vary competitive term life starting at less than $1.00 per day for $1,000,000 of coverage.  Call Cape Coral Insurance Center today for details.  239-357-6415

Term life insurance is one of the most affordable forms of life insurance coverage available. It is temporary life insurance that provides coverage for a limited time period. You can purchase term life insurance in 5 year term increments from 10 to 30 years.

 

Each year, a premium is paid to cover the risk of death during that year. The premiums on the term policy are level for term of the policy. This is known as guaranteed level term. The premiums on some term policy increases slightly each year as the insured grows older and the risk of death became greater. Once the term is over, the insured has the option to either drop the policy or pay annually increasing premiums to continue the coverage.

Term life insurance has no actual cash value; it is a pure death benefit. Its primary use is to provide coverage of financial responsibilities for the insured.  The only way to collect on a term life insurance policy is for the insured to die during the term, before the life insurance policy expires. If death occurs, the death benefit will be paid to the beneficiary of the life insurance policy, free of income tax. Term life insurance is not an investment as it does not build cash value over the course of the policy term. This is in contrast to asset building life insurance policy options such as whole life, Indexed universal life, and universal life.

Term Life for Mortgage Protection. View this five minute video for more information.  Mortgage Protector  

Call Cape Coral Insurance Center to find out if Term Life Insurance is the right solution for you.

Common options for term polices

The Waiver-of-Premium Option frees the insured from paying premiums if they were to become disabled before a certain age, typically 60 or 65.  There is generally a 6 month waiting period after disability. The insured must continue to pay premiums for 6 months after the disability. Some older policies will refund these premiums if disability is longer than 6 months, but most new policies will not offer refunds. The insured must be disabled as defined by the policy, and must provide evidence of disability to the insurer. Disability is generally defined as the inability to perform the duties of any occupation for which the insured has education and experience.
Disability Income (DI) pays a monthly income if you were to become disabled.   This is Short Term Disability (STD) usually 2 yrs.  Some policies have a 5 yr option.  The quaulification are similar to the Waiver of Premium Option listed above.   If you need Long Term Disability (LTD) Coverage you will need to purchase a seperate Disability Policy. 

Call Cape Coral Insurance Center to find out more about Waiver of Premium and Disability options.

Return of Premium Term Life Insurance (ROP) is a new option that offers a guaranteed refund of the term life insurance premiums at the end of the term period if the insured outlives the term. Essentially, if no death occurs, you receive all your premiums back. It's also tax free! While the premiums are typically slightly more expensive for these policies, the insured now has the option to either "rent or buy" their life insurance coverage, and receive the entire return of their premium investment back at the end of the term agreement. Additionally, the premium levels are designed to remain level through the course of the policy so as not to be financially erratic. Policies are available in 15, 20, or 30-year term versions.

Some Tips and sample quotes for Term Life.  

Call Cape Coral Insurance Center to find out if the Return of Premium Term Life Insurance option is the right life insurance solution for you. 

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Bryce Grimsley
Licensed Insurance Agent
Serving your insurance needs in all of South West Florida
Including Cape Coral, Fort Myers, Port Charlotte, Bonita Springs and Naples.
Licensed to sell insurance in Florida Ohio and Indiana
Serving your insurance needs for all of Florida Ohio and Indiana via the internet

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