Term Life Insurance pays a death benefit if the insured person dies within the term of the policy. Plans may be “simplified issue” or “fully underwritten.” Simplified issue means that you don’t have to get a physical or have lab work done to apply for coverage. Your answers to a few health questions determine your eligibility. Fully underwritten plans require the completion of a physical and lab work before coverage may be issued. By going through the underwriting process, including a medical exam, you can qualify for additional premium discounts for providing evidence of good health.
- Helps provide for your family’s loss of income
- Covers short-term debts and needs
- Provides additional insurance protection during the child raising years
- Provides longer term protection to help pay off a mortgage, or to help pay for a college education