Term Life Insurance is the simplest form of life insurance coverage – you pay a premium for a stated number of years, commonly 10, 20, or 30, and a Death Benefit will be paid out to the beneficiary should the policyholder pass away during the stated term. The policy terminates once the term is up. With the help of one of your BnW Financial & Insurance professionals, you will determine the appropriate length of term and face amount that will cover your needs. As the end of your policy nears, Term policies can also be converted into a Permanent life insurance policy without a medical exam.
Permanent Life Insurance runs the duration of an insured’s life so long as the insured continues paying the premium. The policy ends if the owner surrenders, discontinues premium payments, or passes away. Permanent Life Insurance policies are more expensive than Term Life Insurance, but they offer flexibility in choosing the face amount and premium and come with a cash value savings component which allows the insured to accumulate cash on a tax-deferred basis.