Life Insurance FAQ
How much term life insurance coverage do I need?
The amount of life insurance each of us owns is a personal choice however, a good “rule of thumb” is 10-12 times your salary. If you have a young family and still building assets, you may need more. As you grow older, and your children are grown, you may need less. A Termco representative will be happy to discuss your individual needs and develop a strategy and level of life insurance customized for you.
Do you have a calculator?
Termco does have life insurance needs calculators. While calculators can give you a good “general” need for insurance, they often times overlook your specific needs. Our Termco representatives will take the time to talk with you about your specific goals and recommend life insurance solution to you with no obligation.
What does ‘guaranteed’ premium refer to?
Once you have qualified for term life insurance coverage, your insurance rates are guaranteed to remain level for the duration of the term. Most term plans have guaranteed level rates for 10, 15, 20, 25 and 30 years. Termco also offers insurance plans with rates guaranteed to age 120.
How long do I need protection? Is it cheaper for shorter terms?
The length of protection you choose will vary based on your particular needs, such as the length of your mortgage, ages of your children or time until retirement. Because the term life insurance plans have guaranteed level rates for different durations, the shorter durations will offer life insurance coverage at lower rates.
Should I get coverage for my spouse? How much does it cost?
Your spouse more than likely provides an economic benefit to your family, whether it’s income from a job outside the home or as a stay at home caregiver for your children or other family members. The death of a spouse will result in an economic as well as emotional loss too you and your family and should be offset with an adequate amount of life insurance. Most companies will insure a non-working spouse for the same amount as the working spouse. Term life insurance rates are based on factors such as age, sex, lifestyle, amount of coverage and health of the insured.
Do I need a policy for my kids?
Many of the companies Termco represents offer term life insurance coverage for children in the form of an inexpensive rider attached to the parents policy.
Can I convert my term life policy to a permanent insurance policy?
Term life insurance from the companies Termco offers are fully convertible to permanent insurance during the initial level term period
Is it possible to renew my policy after it expires?
Termco represent life insurance companies with policies that are guaranteed renewable, meaning the term life insurance policies are renewable beyond the initial level term period, often to age 95.
Can I still get insurance if I have diabetes or other chronic illness?
It’s possible for Termco to offer coverage to many individuals with conditions such as diabetes, hypertension, sleep apnea and other chronic illnesses. Our representatives will shop the market to find you the companies that specialize in offering coverage to persons conditions such as yours
