Term life insurance is the purest form of life insurance. It is not only the least expensive form of life insurance available but it also very easy to understand. Simply put, you essentially "rent" the coverage for a specified number of years.
Term insurance is typically available in terms of 10, 15, 20 or even 30 years. The rates and the death benefit remain the same and are guaranteed for the entire period or "term". There are riders available that can add additional value such as Waiver of Premium in the event disability occurs during the term, and Accidental Death which usually pays twice the specified amount if the insured dies prematurely due to an accident. Some companies now offer a new benefit called a Return of Premium rider. If selected, the insured or owner can receive up to 100% of the premiums paid, tax-free, if the benefits are not used or if the policy is cancelled prior to the end of the term. This is quickly becoming a much sought after benefit and is an attractive option in most situations.
Fierce competition among insurers and greater life expectancies have combined to offer consumers the lowest rates ever! Leave it to The Hughes Agency to shop among dozens of top-rated insurers for the most aggressive underwriting and best rates available. If you haven't compared the price of your existing policy in recent years, or if you are in need of additional inexpensive protection, give us a call to arrange for a confidential, no-obligation analysis or email us for a complimentary quote!
* Investments offered through representatives of Lincoln Financial Securities Corporation Member SIPC to residents of VA, NC and TN. Branch Office: 1100 South Church Street, Smithfield, VA 23430. Phone 757-356-1200. Lincoln Financial Securities Corporation and The Hughes Agency are not affiliated.