Term 30 Life Insurance
Term 30 life insurance policies have premiums that are level for 30 years. If the policy is renewable, then after the initial 30 years you can choose to have the policy remain inforce at higher premiums.
This type of policy is suitable for people with life insurance needs approaching 25-30 years. It is well suited for people in their late 20’s to early 30’s as it provides level premiums until close to retirement – ensuring you have coverage with no surprise premium increases over your family, mortgage and pre-retirement years.
Policy attributes:
Keep your term policy for life!
- Premiums are level for 30 years.
- Policy can be renewed, until age 85, with premiums level in 10 year increments.
- At age 85, you can renew the policy with level premiums to age 100.
- At age 100, the policy becomes fully paid up – no more premiums!
What if I become uninsurable?
Your policy offers a conversion option to age 71; this option locks in your health status on your original term life insurance policy and use it to exchange your term policy for a permanent, lifetime life insurance policy. So even if you become completely uninsurable, you can still exchange to lifetime life insurance at premiums based on your original health class.
Change your mind on the term?
In the first five years of your term life insurance policy, you can exchange your existing term policy for a longer term, without a medical exam.
Access your coverage while still living.
If your mortality expectation is less than one year you may be able to access up to 25% of your life insurance benefits while still alive. Any benefit paid is then simply deducted from the final benefit amount paid upon your death.