Term Life Insurance pays a death benefit if the insured person dies within the term limit of the policy. Plans may be “simplified issue” or “fully underwritten”. Simplified issue means that you don't have to get a physical or have lab work done to apply for coverage. Your answers to a few health questions determine your eligibility. Fully underwritten plans, in most cases, require the completion of a mini physical and lab work before coverage may be issued. By going through the underwriting process, including a medical exam you can qualify for additional premium discounts for providing evidence of good health.
• Coverage for a “term” or specific period of year • Lowest premiums for highest coverage. • Rates can change at renewal - end of term • Provides longer term protection to help pay off a mortgage, or to help pay for a college education