Term Life

Term life insurance protects your family for a certain period of time or term. If you die within that period of time, your family (the beneficiary) is paid the amount of the policy.

  • Minimum protection needed
  • Good for those on a budget
  • Expires after a period of time
  • Supplements employer policies

 


 

What it can do for you

As the most budget-friendly type life insurance, a term life insurance policy can do a lot for not a lot of money.


A matter of life and death

The death part isn't easy to talk about with loved ones. It's even awkward to read about it on a Web site. But here's a thought: when you've taken care of your loved ones in the event of your death, you don't think about it. You can think about getting the most out of life.


Supplements or replaces an employer's policy

The life insurance policy provided by your employer may not be enough for your needs. It may be just enough to cover funeral expenses or equivalent to one year's income. Or you may not be covered if you're self-employed or you lose your job. Term life insurance can add valuable support to the insurance you already have or it can replace it entirely.


When you might need it

Single

You may not be responsible for someone else, but your debts don't necessarily die with you. So it's nice to cover those debts and the expense of a funeral for your closest relatives.

Responsible for others

Term life insurance meets the first responsibility of providing for your loved ones—whether you share expenses with a spouse or you're responsible for dependents such as children or even elderly parents.

On a tight budget

If you're young or just starting a family, you may not yet have the income for permanent life insurance. We offer many cost-effective term policies that guarantee level premiums for a number of years.

Have a temporary need

Given your circumstances, you may not have a need for the long-term nature of permanent life insurance. In that case, a term life insurance policy may be ideal for you.

 

How term life works for you

Your term

With term life insurance, you have the choice of getting a policy for a term of 10 years, 20 years or 30 years. This is often called level term insurance because the monthly premium you pay is constant and guaranteed at a specific level. You can also get an Annual Renewable Term in which case the policy expires every year unless you renew for the next year. Under a typical Annual Renewable Term policy, the premium is guaranteed at a specific level in 10-year increments.


Your coverage

The minimum value of your policy can be $50,000. This amount will depend on what you want covered in the event of your death. Some things to consider when thinking about the value of your term policy: mortgage, credit card debt, car and education loans, childcare, college education for dependents and funeral costs. Also be sure to consider the replacement of your income if others depend on it for day-to-day living expenses.


Your beneficiary

The beneficiary is the person or persons who receive the benefits (the value) of the policy upon your death. You will name those persons when you purchase the policy, and you can change or add them as needed.


Your premiums

The amount you pay is determined by several factors: your age, the length of the term, and the amount the policy would pay out (the face value). Your health is also a factor as you will need to take a physical exam.


Why sooner is better

Convert later

With a term life insurance policy, you can always convert it to a universal life policy with all of the benefits of a permanent policy when your needs and budget call for it.


Younger is cheaper

People often postpone purchasing life insurance when they're young. But life insurance is cheaper when you're younger and healthier. Therefore a little planning now can save you a lot of money later.

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Kramer & Kramer LLC is a Financial Services, Estate Planning, Investment and Retirement Planning Firm. Today, more than ever it is important to do your homework and due diligence to determine who is best suited to help you with your retirement and benefits planning decisions.
 

 


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