NORTHMARK LEARNING ROOM / Protection
Term insurance: coverage for a chapter of life.
Learn the key questions about policy length, renewal, and conversion.
Northmark Financial Services ·
What term means
Term life insurance provides coverage for a stated period. It generally does not build cash value. It can help address needs that have a time horizon, such as income replacement while children are dependent.
Look beyond today’s premium
Ask whether premiums are level for the full period, how renewal works, and how costs may change after the initial term. Conversion provisions, when available, have conditions and deadlines.
Before replacing coverage
Compare contract terms, underwriting requirements, and total commitments. Avoid canceling existing coverage before replacement coverage is approved and in force. Coverage decisions require an individualized review; this lesson does not recommend a policy or an amount.
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Source: NAIC — Life Insurance Buyer’s Guide
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