San Francisco California Life Insurance
Permanent life insurance A phrase used to cover any form of life insurance except term; generally insurance that accrues cash value such as whole life or endowment.Some Term life insurance also called temporary insurance covers a person against death for a limited time the term. For example the term might be until children are grown or until college is paid for or until retirement. You pay for the policy period and at the end of the term the contract or policy expires. If no claims are made against the policy during the term you don't receive any benefits after the policy expires just like auto or homeowners insurance.Life insurance functions in a manner similar to most other types of insurance in that it satisfies claims against what is insured if the premiums are up to date and the contract has not expired and does not expect a return of Premium dollars if no claims are filed. As an example auto insurance will satisfy claims against the insured in the event of an accident and a home owner policy will satisfy claims against the home if it is damaged or destroyed by for example an earthquake or fire. Whether or not these events will occur is uncertain and if the policy holder discontinues coverage because he has sold the insured car or home the insurance company will not refund the premium. This is purely risk protection.Term insurance A plan of insurance that covers the insured for only a certain period of time term not for his or her entire life. The policy pays death benefits only if the insured dies during the term.
Term Life Insurance Rates
Term life insurance provides death protection for a stated time period, or term.
Term life insurance is perhaps the simplest form of life insurance. It was developed to provide temporary life insurance protection on a limited budget. While term insurance might be purchased in large amounts for a relatively small initial premium, it is now well suited for short-range goals such as life insurance coverage to pay or hold off a loan, or providing extra term life insurance protection during the critical child-raising years.
In all states we cover, we offer term insurance policies providing level premiums for 5, 10, 20, and 30 year periods. These policies can be renewed or continued at higher premiums in most states to age 85 or 95 as stated in the policy (age 80 in New York).
View a listing of our term life policies, or get a quote.
Features of Term Life Insurance
- Initial affordability
- Adjustable premiums:Term life insurance policies have adjustable premiums. This means that the underwriting company may raise or lower premiums at some point specified in the policy based on projected changes of investment earnings, mortality experience, persistency, and expenses. However, premiums may never be raised above the maximum premiums stated in the policy.
- Renewability: Our level term policies allow the policyholder to continue coverage past the original coverage period of the policy. Each time the policy is renewed the premium increases to the amount for the then attained age of the insured. This right is usually offered for a specific period, which varies depending on the type of policy.
- Conversion: Our term policies are convertible to age 75 in most states. Conversion allows the policyholder to exchange a term life insurance policy for any Permanent Life insurance policy offered by the Company at any time while the policy is in force (subject to established policy minimums).
Term Life Insurance Rates.