Term Life Insurance
A Term Life Insurance policy will only stay active for a specific number of years, after that last year passes the policy expires. You can choose from a 10,20,30, or 40 year policy. Prices are going to be much lower than a permanent policy due to the policy only staying active for a specific number of years.
Term Insurance with conversion:
This is a policy you purchase for a specific number of years 10,20,30, or 40. Anytime while the policy is active you have the option to switch the policy to a permanent policy that could last until age 100. The premiums will be a little higher than a plain term, due to the conversion option. The conversion option is most helpful if you become uninsurable, (or not able to buy life insurance/ for example: develop a serious health issue) during the life of the term policy. When this policy is purchased the insurance company will let you convert your term policy to a permanent policy with no health questions during the conversion period (generally prior to age 65).
Term with ROP or (return of premium):
Term Life Insurance with ROP is a popular policy among people with children. You can choose a term length of 10,20,30, or 40 years. After your term is up you can choose between 2 options. 1. The insurance company will take the money you have paid in premiums and offer you a paid-up life policy that you DO NOT have to pay premiums on and will stay active forever. 2. OR receive all the premium you paid in and get it back in a lump sum to pay for a Childs college tuition, buy a car, pay off debt etc.
Call today to speak with one of The Insurance Shop, Inc.'s insurance professionals today to see if term life insurance is right for you.