Allan K Bell, CLU®

Financial Representative

  • 773-380-4011
  • 708-250-5223
  • FAX 773-380-4555

Term Life Insurance

Offered through The Northwestern Mutual Life Insurance Company

Term insurance provides financial protection, in the form of life insurance, for a limited period of time.  These policies are good for young people with growing families, or for covering a temporary need such as a mortgage.  Most term policies contain a conversion period which allows you to convert to a permanent policy at a later date.

Initially, term insurance premiums are lower than permanent insurance. However, with some term policies, the costs increase over time and can become prohibitive as the insured ages.

Key Policy Features:

  • Low premiums.
  • Limited premium guarantee.
  • Level and increasing premiums.
  • Various conversion periods.
  • Coverage ends after a specified period.

When to Use:

  • When you need a low premium.
  • When you need temporary coverage.
  • When cash value is not important to you.

Types of Policies Available:

  • Term 80: Provides coverage to age 80 and has an extended conversion period. Premiums start out low and increase each year.
  • Term 10: Provides coverage for 10 years and can be converted to permanent life insurance during the first three years of the policy without additional proof of insurability. Premiums start out low and increase each year.
  • Level Term 20: Level Term 20 is designed to provide coverage at a guaranteed premium rate for 20 years. It can be converted to permanent life insurance during the first ten years of the policy without additional proof of insurability.
  • Level Term 10: Provides coverage for 10 years at a guaranteed level premium and for up to an additional 10 years at a higher premium that is scheduled to remain level. It can be converted to permanent life insurance during the first ten years of the policy without additional proof of insurability.

 

NMFR-TERM-001 (0408)