Term Life Insurance
Why purchase term life insurance?
Term life insurance is typically the most affordable type of life insurance. With its lower premium rates compared to permanent life insurance, term life is a great way to protect your family’s financial future and wellbeing while giving you the opportunity to save money and stay on track of your financial goals.
What is term life insurance?
Term life insurance provides financial coverage for a specific period of time, which is called a term. If the worst should happen and you pass away during the term of your policy, Transamerica will pay out the full amount of your insurance coverage, know as a death benefit, in either a lump-sum payment or monthly payout.
What if you live through the term of your policy?
If you do not pass away during the time you have coverage, your policy expires and no death benefit will be paid out. Your policy may be converted to a new policy at the end of your term, although your premiums may increase.
Many choose term life insurance to help their family with a variety of financial needs in the event of an expected death.
Term life options from Transamerica.
At Transamerica, you have the choice of several flexible term life insurance policies. Transamerica term life policies offer term periods ranging from 10 to 30 years separated by five-year increments and can provide your family with financial protection anywhere from $25,000 up to $2,000,000. Most of our policies require a medical exam, but if a person is under a certain age and coverage amount, they can get term life insurance without a medical exam - based on health questions on the application.