10 Year Term Insurance
This policy is inexpensive and it can be renewed every 10 years and it can be converted to whole life plan. The premiums are the same for the period of 10 years. Till the age of 80 no medical proof is required to renew the policy for another 10 years. Before the age of 65 it can be converted into a permanent insurance policy. There is an indexing option available. This plan is for people in the age of 18 to 70.
The Features of the Policy are as Follows
The coverage of the policy is in the range $50,000 to $5,000,000. In case of index option the benefit is up to $3,500,000. It is also renewable before the age of 80. For this no medical proof is required for an additional period of 10 years. No extra cost is there for renewability. The convertibility option is available up to the age of 65. No medical proof is required to convert the policy into permanent policy.
The indexing option is an extra option or rider available in the 10 year term insurance plan. The coverage amount increases in the second year as this option begins. The coverage can increase by 5% per year to a maximum of 150%. This option can be cancelled when the insured gives it in writing. Once cancelled, it can not be started again. The maximum amount covered is $3,500,000. The other options or riders such as Accidental Death Benefit, disability Waiver and Child Term Rider are available with the 10 year term plan insurance.
The premium payments are to be made annually, semi-annually, or monthly as per the policy agreement. It can be made through checks, automatic banking or online banking. The policy fee is $75 for one year for the first policy, and an extra of $50 for each additional policy (spouse or child). In case of more than one policy the fees has to be paid only once.
In case of no medical tests and proof the following are the features. The coverage is based on the age of the policy holder. The minimum coverage that can be applied for is $25,000.
The Maximum Coverage Is Based On The Following Ages:
18 to 40 years of age: $250,000
41 to 50 years of age: $200,000
51 to 60 years of age: $150,000
61 to 65 years of age: $100,000
The renewability and convertibility factors are as below. Renewal of the policy can be made every 10 years up to the age of 75 in this policy. The premium does not change throughout the period. Before the age of 65, this policy can be converted into a permanent life insurance plan without any new medical evidence. Renewal and conversion is at no extra cost.