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Term life insurance provides coverage for a specified period of time - the term of the policy (typically ranging from five to thirty years). After this time, it is possible to renew your policy with the premium adjusted for your health and age at the time you renew. Your policy is paid out only upon death within the prescribed period of time. Term policies allow you to save substantially on premiums so you can invest the savings in a higher yielding investment.

Term life insurance policies are designed to meet a specific need for a specific period of time. The most common type today is level term (level meaning it stays the same), which has a level death benefit and a level premium. These policies are commonly used to provide protection for families until their children reach a certain age (usually 18 or 21). It is also useful as an affordable starting point - you can convert it to a universal or whole life policy at a later date.

Another type of term life insurance, decreasing term, is generally sold with a level premium and a decreasing death benefit. One common use of decreasing term is to cover a remaining mortgage - designed to decrease at the same rate your mortgage balance decreases. These types of policies are often offered as riders in connection with whole and universal life policies, with the whole or universal life policy providing the "backbone" of your overall protection plan. A number of factors will influence your decision, including your health, your budget, your immediate needs and your long term plans and goals.

Exploring all the available insurance policies, options and riders can be mind boggling. An experienced professional can analyze your situation to help you decide how much protection you need and help you design an overall insurance plan that will provide you and your family the highest level of security at the best possible pricing. Once you have a plan in mind, shopping gets a lot easier.

Rates and coverage vary form state to state. Shop around on your own and talk to an independent insurance agent to make sure you get a plan that's right for you. It's amazing how much rates may vary from company to company for the same coverage.

For more information or a quote on term life insurance (click here) complete our consumer profile form and locate a professional in your area.