Halley Dodson, LLC Halley Dodson, LLC

Low Cost Term Life

Term insurance is the least expensive way to purchase a substantial death benefit. Term insurance is used to protect against needs like covering a mortgage and other debts, replacing your income, or protecting business loans.

Term insurance provides coverage at a fixed premium for a certain number of years. Typical term plans guarantee premiums for 5, 10, 15, 20, 25, or 30 years. After the term period expires, the premium will increase.

Term insurance is like most other types of insurance and is designed to pay a claim.  It is purely risk protection and does not build any cash value or equity. Some clients choose multiple term policies, some with shorter time frames and others longer to protect against different risks.

There are “Return of Premium Term” policies that return all premiums paid to the policy owner at the end of the term period. These plans are more expensive but give back all premiums paid on a tax free basis.

Most term life policies include an option to convert the coverage to a Universal Life or Whole Life policy. This conversion option is usually available to a certain age, typically to age 65 or 70. This conversion option provides you the opportunity to extend the coverage for a longer period.  This conversion can be a saving grace if you develop health problems.

Rates for term life are based on your age, build, tobacco usage, health history, face amount, term period, and other factors. As independent brokers we offer insurance through a wide variety of top rated insurance companies. We research these companies to find the best possible rate for the amount of coverage you need.


Become a Member