Term Insurance

Term insurance covers you for a term of one or more

years. It pays a death benefit only if you die in that

term. Term insurance generally offers the largest

insurance protection for your premium dollar. It

generally does not build up cash value.

You can renew most term insurance policies for one

or more terms even if your health has changed. Each

time you renew the policy for a new term, premiums

may be higher. Ask what the premiums will be if

you continue to renew the policy. Also ask if you will

lose the right to renew the policy at some age. For

a higher premium, some companies will give you

the right to keep the policy in force for a guaranteed

period at the same price each year. At the end of that

time you may need to pass a physical examination to

continue coverage, and premiums may increase.

You may be able to trade many term insurance

policies for a cash value policy during a conversion

period — even if you are not in good health.

Premiums for the new policy will be higher than you

have been paying for the term insurance.

Ref:

Guide to Life insurance &Annuity Contracts

John Kasich
Governor
Mary Taylor
Lt. Governor / Director