A Flexible Solution for Various Needs
At Annuity Wealth, we understand that life insurance should be tailored to your unique circumstances. Term life insurance is a popular choice due to its flexibility and affordability. It can cover short-term or long-term needs and is suitable for individuals, couples, personal, estate, business, and trust applications. Here are some common types of term life insurance:
• Level Premium: Premiums stay the same for a selected period, typically 10 to 30 years.
• Annual Renewable Term: Suitable for short-term needs, with lower initial costs but increasing premiums each year. No additional evidence of insurability is required.
• Decreasing Term: Designed for situations like mortgages, where the death benefit reduces over time along with the policy cost.
• Return of Premium Term: Combines level term benefits with the potential to receive a portion or all your premium back if you outlive the policy.
• Group Life Insurance: Offered by employers, providing coverage while you’re actively working.
Keep in mind that various riders may be available to enhance your term life insurance policy, such as accelerated death benefit and others, based on your specific needs and circumstances.
With term life insurance, it’s crucial to consider convertibility options, as your needs and circumstances may change over time. Convertibility allows you to switch to a permanent policy without requiring a medical exam, ensuring continuous coverage even if your health changes.
Let Annuity Wealth guide you through the various term life insurance options and riders, so you can choose the best fit for your unique needs and goals.