Gersten Financial and Insurance, Inc.
189 Reservoir Street Needham, MA 02494 800-925-7991
Term Life Insurance
Provides protection for a set time period ranging from one year to thirty years.
The death benefit is only payable during the period of time that the insured has chosen.
Does not build up cash value.
Some policies can be converted into whole life products without medical review from the underwriter.
There are three different types of term life available:
Renewable Term Insurance- This policy allows you to renew your coverage at the end of term without the need for medical exam. No matter how bad your health gets the insurance company has to renew your policy. The premium rate is usually higher then the rate that was being paid.
Convertible Term Insurance- This policy allows you to take the policy you have and convert it into a permanent product without the need for the medical exam. The premium is usually higher then the rate that was being paid.
Level Term Insurance- This policy maintains that the death benefit and the face amount remained fixed for the specified number of years. The premium remains the same throughout all the years in the plan.
