There’s truly no better feeling than knowing your loved ones’ financial futures are protected. Finding coverage that best fits your current and future needs may seem daunting but it doesn’t have to be. Having the coverage you need now is important, and some policy types offer different features that can help you obtain more coverage to help keep up with your future needs. It’s a common scenario, you know you’ll need more coverage in the future but aren’t quite ready to pay the higher premiums. There’s good news, our new Increasing Term Life Insurance product may provide the coverage you need now but also allow you the opportunity to obtain more coverage over the next five years.
How it Works
Our Increasing Term product is designed for people who know they want coverage now, but also know they’ll need more coverage in the future. If you anticipate in the next few years you’ll expand your family, earn a higher salary, buy a new house, start a business, etc. this product may be a good fit for you. It allows you to purchase a lesser amount of coverage now – for less premium – then increase coverage at set increments over the first five years of the policy. In total, it allows you to double your policy’s death benefit amount over five years – with no additional underwriting.
As an added bonus, several optional riders are available on Increasing Term. A rider (commonly known as an add-on to your life insurance policy) can help enhance your life insurance coverage. Adding a rider to your Increasing Term policy can help you tailor your coverage for your specific needs. After all, your needs are unique and life insurance isn’t a one-size-fits-all product.
- Daily Living Rider accelerates a portion of your policy’s death benefit if you have been chronically ill for at least 90 days and are ill for another 90 days or longer. This rider is available at issue only. It’s important to note, any benefit paid from the rider will reduce the death benefit payable on the policy.
- Children’s Term Life Insurance is a great way to add coverage to your existing life insurance policy to help ensure your child(ren) also has the coverage they need.
- Waiver of Premium gives you options if you were to experience a total disability that continues for at least 90 consecutive days. With this rider, your premiums may be waived while the disability occurs.
And, if you decide you want coverage beyond the 20 years Increasing Term offers, you have options. One option is to convert to a permanent life insurance policy prior to your 70th birthday. It is important to note, conversions are not allowed within the first policy year. Both full and partial conversions are allowed, and you may be eligible for conversion credit when you convert your term coverage to a permanent life policy.
Protecting Your World
Choosing a life insurance policy to protect what matters most in your world is a big decision. To learn more about the life insurance options available to you – including Increasing Term – contact your local Farm Bureau agent today!