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PTP Insurance
Agents of Naperville, IL, an independent insurance agency
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What is Term Life Insurance?
 Term
life insurance is the original "pure" insurance against
one's life because it builds no cash value. It provides coverage
for a limited period of time, the specified term. Once the specified
term has expired, the insurance policy owner can either discontinue
the policy or renew with usually increasing premiums. If the
insured person dies while the policy is current, the death benefit
will be paid to the beneficiary(ies). Term insurance is usually
the least expensive way to obtain a large death benefit on a
per premium dollar basis. Provided the premiums are up to date
and the contract has not expired, term insurance simply satisfies
claims against what is insured. It is purely risk protection.
How is Term Life Insurance
used?
Typical uses for term life insurance
include family's future care, college education for the children,
consumer debt, funeral costs, mortgage
protection and business partner cross insurance. Because
term life insurance has relatively lower premiums (compared to
other forms of life insurance), it is a very popular way to protect
against the financial strain one's death might cause.
Types of Term Life Insurance
Annual renewable term life
insurance is, in essence,
a "string" of consecutive single year term insurances.
While the premium covers one year of insurance, the policy has
a provision that guarantees the insured an option to renew for
another year. This renewal option is for a specified number of
years, usually from 10 to 30 years
Guaranteed
level premium term is
a life insurance policy for a specified number of years (term)
where the premium is constant over the term, usually 10, 15,
20, or 30 years. The premium amount is based on insured age,
length of term and an adjustment made by the insurer for the
time value of money. Therefore, the longer the term, the higher
the premium. |
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People
to People Insurance Services Inc. - 1240 Iroquois, Naperville, IL, DuPage County - Serving Chicagoland (630) 355-2355 |
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Naperville Illinois personal and commercial independent insurance agents, PTP Insurance Agency, serves clients throughout
the metropolitan Chicagoland area which includes Cook County, DuPage County, Kane County, Kendall County and Will County;
including, but not limited to, Naperville, Bolingbrook, Plainfield, Aurora, Batavia, Barrington, Berwyn,
Bedford Park, Bloomingdale, Brookfield, Burbank, Burr Ridge, Carol Stream, Chicago, Clarendon Hills, Countryside,
Darien, Downers Grove, Elgin, Elmhurst Glen Ellyn, Glendale Heights, Hickory Hills, Hoffman Estates, LaGrange,
LaGrange Park, Lemont, Lisle, Lockport, Lombard, Lyons, Mokena, Montgomery, Oak Brook, Oswego, Romeoville,
St Charles, Schaumburg, Shorewood, Sycamore, Warrenville,West Chicago, Westmont, Woodridge and Yorkville.
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