Term life insurance is the most popular type of life insurance available, Level Term, offers a set monthly premium and death benefit.

It is the simplest type of life insurance for those who need it. It is also typically more affordable than any other option because it does not include a savings component or investment return within the policy.

Most people who are shopping for life insurance need term life insurance. This is a type of life insurance that lasts for a certain number of years. It is affordable and easy to understand. You pay money every month, and if you die during the term, they will give your family money. If you live past the term, then this type of life insurance expires.

Coverage ranges between 10 to 40 years. The policy expires after the term is completed.

There are various types of term life insurance.

Term life insurance lasts for a certain number of years before it expires. You choose how many years you will buy when you initially sign up. Most people purchase 10-30 year policies, however, 20 is the most common term length.

•  Level term insurance means the premiums are the same every year.
•  Increasing term insurance (yearly renewable term) means the premiums are lower when you’re younger and increase as you get older.
•  Return of premium (ROP) term insurance policies will pay you your premiums back at the end of the term.
•  Decreasing Life Insurance policies provide a decreasing death benefit value over time. However, the payment stays the same.
•  Mortgage protection insurance is term insurance that covers the term and mortgage amount owed.

Living Benefits are automatically built into most IULs. This gives you the ability to accelerate your death benefit while you’re still living if you suffer a heart attack, cancer diagnosis, stroke, or any other critical, chronic, or terminal illness. Living Benefits safeguard your family from medical bankruptcy following a critical illness. This is the cause of 50% of the bankruptcies in the U.S. every year.

Covered With Living Benefits

What happens when term life insurance expires? You have 3 options:

• Do nothing and continue life without coverage.
• Purchase another insurance policy. Rates will be based on your age and medical conditions when the old policy expires, which is often more expensive.
• Convert the level term policy into a permanent life insurance policy if possible.

Most affordable type of life insurance	The policy is temporary and expires after the term
Simple to understand	No cash value component
Last for a fixed period of time, set by you	No refunds after the term have expired unless built in.
The premiums do not change during the term

Having a pre-existing condition like diabetes should not prevent you from keeping your loved ones protected. Quility offers term life insurance without a medical exam, and your licensed agent will ensure we find the coverage to match your individual needs.