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Term Life Insurance There are several varieties of Term Life Insurance. These include Level Term, Increasing Term, Decreasing Term, and Annually Renewable Term. Level Term insurance provides a fixed amount of protection for a stated number of years. Permiums are generally level for the coverage period. Decreasing Term insurance usually has a level premium and a decreasing face amount. Decreasing Term is often used for covering a mortgage - the decrease in face value can be matched to the decreasing balance on your mortgage. A Return of Premium policy is often a much better choice in this situation. Increasing Term insurance is a policy in which the face value increases over the length of the term. Annually Renewable Term insurance provides a level death benefit, but the premiums increase every year. Most Level Term products are converted to Annually Renewable Term after the initial level period. Return of Premium term insurance is a specialty product we offer. Return of Premium policies are an excellent choice for home buyers - if you die before your mortgage is paid off, then your beneficiaries will own your home outright. If you do not die, at the end of the term all of the premiums you've paid into the policy are returned to you! |
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