AILTerm Life Insurance
Term life insurance policies provide temporary insurance protection for a specific term of years only (as opposed to whole life insurance, which cover you for life or until the age of 100). The term may be limited to 4 years, 10 years or other stated period of years. These policies will only pay benefits if the insured should die during the term and supplements other benefits you may have, such as your union benefits. If the insured lives beyond the period of coverage, the policy will expire with nothing due to the policy owner.
American Income Life (AIL) Term Life Insurance provides protection, but with no cash value accumulation or refund as opposed to whole life insurance. For this reason, term insurance generally has a lower premium per $1,000 of protection than permanent insurance. Essentially, the insured can purchase peace of mind for a limited period of time at very attractive, affordable rates.
ADVANTAGES OF TERM LIFE INSURANCE
Term insurance is best used under the following conditions:
• When an individual has a low present income.
• When an individual is beginning marriage and family responsibilities.
• When an individual has only temporary or limited needs or income.
• To protect insurability.
• To add additional insurance coverage to an existing form of permanent protection.
• To protect a home mortgage.