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Term Life

Overview

Term Life is the most simple form of life insurance. The coverage is for a specified time (term) and provides only a death benefit upon maturity.
  • Policy does not accumulate cash.
  • If the insured dies during the specified period, a death benefit is paid to the beneficiary.
  • Premiums generally remain level or increase throughout the specified period.

Potential Advantages

  • You can select coverage from 2 to 30 years.
  • If your insurance need is projected for a certain time period, you can select the appropriate coverage.

Potential Disadvantages

  • Term Life doesn’t provide a cash value.
  • Term Life doesn’t provide permanent life insurance protection and premium costs can rise substantially as policy renewal or insurability risk rises.

Possible Riders

  • Return of Premium
  • Living Benefits Rider
  • Disability Premium Waiver Rider
  • Children’s Term Insurance Rider

Return of Premium Term “ROP”

Return of Premium (ROP) term life insurance combines the advantages of a traditional term policy such as affordable guaranteed level premium periods with a return of premium feature.

How it works: If you keep your policy for the desired term period (15, 20 or 30 years) the insurance company will return 100% of the premiums paid. Some of these policies also offer partial refunds or guaranteed cash values which increase annually until the term period is up for early surrenders.

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Madison Brokerage serves as a partner to independent agents, Certified Financial Planners, wealth managers, Fee Only Planners, CPAs and attorneys.

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