Life insurance is essential for helping to protect your family’s financial future. When picking your coverage amount, a good first step is to ask yourself why you are buying insurance and how it will meet your personal and family financial security needs.
Term life insurance provides the most coverage at the lowest initial price point, making it a popular option for those needing temporary coverage or on a limited budget. As the name implies, term life insurance provides protection for a specific period of time and generally only pays a benefit if you die during the “term”. If you, as the insured, pass away during the term, beneficiaries receive a tax-free lump sum payment that can help cover expenses, debts or savings in your absence. This coverage serves as a safety net to help support your loved ones if you were no longer around.
Choose a term period and coverage amount that aligns with your needs, whether that be until the kids graduate, the mortgage is paid off, or another milestone is reached. $250,000 of 20-year term life insurance may cost as little as $12.59* per month and can help your family cover:
No matter your life stage, there is a life insurance policy that can meet your family’s needs should something unexpected happen. Life insurance is a key step toward protecting your family financially.
Term life insurance covers individuals for a specific amount of time, for a predetermined dollar amount. Term life is available to those 18 years and older, U.S. citizens, and permanent residents of the United States.
Term periods typically range from 10 - 30 years, with 20 years being the most common term. Banner offers term periods of 10, 15, 20, 25, 30, 35 and 40 year durations, and premiums are guaranteed to stay the same. When the level term period ends, premiums will increase annually until age 95, unless the policy is terminated. Issue ages are based on age nearest birthday.
Yes; if you want to decrease your coverage amount, contact Banner at any time during the life of the policy. If you want to increase the coverage amount, a new application is required.
Term life insurance covers you for a set period or term. If you buy a 10-year term policy, for example, you pay a fixed amount for that period of time and at the end of the 10-year term, you can terminate or lapse your policy. If you choose to extend your policy, your premium would increase significantly.
The amount of coverage you get should reflect how much money you'd like your beneficiaries to receive in the event something happens to you. You can start with your family's day-to-day needs – the entire amount of money it takes to run your household each month or by estimating how much your beneficiaries may need to pay off debts – loans, a mortgage, credit cards, etc. If you have a spouse/partner, it's also important to have coverage for both people, no matter how much each person earns. You might need to cover costs such as additional caretaking of children or time off to settle the estate.
*A $12.59 monthly premium estimate is applicable for a 30-year-old male nonsmoker in excellent health purchasing a 20-year term life insurance policy with a $250,000 face amount. Premiums should always be quoted online and sample rates provided should not be used as a means for quoting premiums with clients or prospects.
If you believe $2 million of coverage isn't enough, contact us to speak with a Financial Planner today!
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