Term Life Insurance, also called temporary insurance, covers a person against death for a limited time, the term. For example, the term might be for the duration of a loan or mortgage, or until the children are grown. You pay for the coverage period and at the end of the term the policy expires. If no claims are made against the policy during the term, you don’t receive any benefits after the policy expires, just like auto or homeowners insurance. At The President’s Group we offer terms of 10 and 20 years. This insurance is also available as a rider on Universal Life and Permanent products to supplement or enhance the base plan. Preferred Underwriting is available at coverage amounts of $250,000 or more. At coverage amounts of under $250,000, there is a streamlined underwriting process.
Unique benefits of Term Insurance:
We offer term policies with exceptionally competitive premiums, giving you the ability to secure a large amount of insurance protection for a relatively low premium. Term policies are particularly effective if you have a financial need for insurance coverage during a specific time period, a mortgage for example. The fixed term creates a lower cost of insurance that translates into lower premiums when compared to other life insurance products.
- Premiums are renewable at guaranteed rates
All of the term policies that we offer at The President’s Group are guaranteed renewable to age 80, regardless of your health status in the future. Renewal rates remain level for the term selected and are contractually guaranteed, giving you the added piece of mind of knowing what your premium payments will be, both now and in the future.
- Multiple lives covered on one policy
More than one person can be insured on a single term policy each with their own coverage and beneficiary designation. This allows business partners or family members to be covered on the same policy thereby reducing costs because there is only one policy fee and centralized billing.
- Joint Life coverage
The President’s Group offers term policies that can be purchased on two lives with the death benefit payable on the first death or the last death, depending on the client’s particular needs. This reduces costs as compared with purchasing individual coverages.
The term insurance offered by The President’s Group is exceptionally flexible. Increases and decreases in the amount of coverage needed may be made should your needs change in the future. (Increases are subject to qualification, and decreases are subject to a minimum amount.) If you applied as a smoker and subsequently quit, you may apply for lower non-smoker rates under certain conditions.
- Optional benefits
A wide range of optional benefits are available including: Waiver of Premium, Payor Waiver of Premium, Accidental Death & Dismemberment, and Children’s Insurance.
Please use our Needs Estimator to help you determine a death benefit amount that is appropriate for your situation. If you have further questions, you may visit our Term Life Insurance FAQ section or contact us directly.