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Enriching your life; informing your health. Life insurance, and other topics.


What's Term Life Insurance?

Bankers Fidelity offers you affordable term life insurance that protects your loved ones for a set period of time.

The future gives you so much to look forward to, but at the same time, it holds uncertainty. Life insurance is there to help you enjoy life by easing some of your worries.
Term life is a simple product, designed to provide money for your family (or your business) if you’re not there to do it yourself. It provides insurance for the set amount of time you choose, so it can be the most affordable way to protect your loved ones.

life insurance

What’s Term Life Insurance?
You decide on a set period of time, such as 10, 15, 20, or 30 years, to be covered by insurance. Based on the amount of coverage you purchase, your loved ones will receive a guaranteed amount of money in the event that you’re not able to be there. Your named beneficiaries will receive a payment for the pre-agreed amount.

The Benefits of Term Life
One of the main benefits of term life insurance is affordability. The cost of term life insurance is relatively low. A small premium can ensure your family (or business) is covered in the event that you’re no longer able to be with them.
• Buy the length of coverage you want. Term life is flexible meaning that it is not a lifelong product.
In other words, when the term is up, so is your coverage. However, during that period, your loved ones
are protected for the amount you have decided to purchase.

• An affordable and predictable choice. Typically, term life premiums (the monthly payments
you make to pay for the insurance) are “level,” so they stay the same for the length of the term.

• Protection you can count on. With term life insurance, you’ll know exactly how much your beneficiaries
would receive in the event that you can no longer provide for them. The amount is not tied to the rise
or fall of the stock market meaning that the amount would be received as one lump sum.

• Ability to trade up. Term life can provide you with the option of trading up during the conversion period, without undergoing additional medical exams. This means
you have the ability to upgrade to a form of life insurance that enables you to build a permanent cash
asset.

Bankers Fidelity can provide you with the best term life insurance options available. Don’t delay- be sure your loved ones are protected and contact us today.


How to Choose the Right Life Insurance

When the decision is made to purchase life insurance, and the search begins to find the right policy, many are focused on simply finding the right price. They do not realize that life insurance coverage is not all the same for everyone, and different policies will offer various types of coverage. In order to get the perfect policy, it is important to understand some fundamental elements of life insurance.

First of all, there are different policy terms that offer defined beginning and ending dates of coverage. These are called term life policies, and their benefits will end when the term ends unless the insured elects to extend coverage. In order for the insurance to pay a death benefit, the insured must pass during the covered term. For most policies, the premium will stay the same throughout the term. For example, if a 20 year term is chosen, the premium will stay the same each year until the policy ends. If the insured chooses to keep the policy, they will pay a higher annual premium. Term policies also offer a set coverage amount. Term policies can be purchased at almost any benefit increment from as little as $10,000 to benefits that pay in the millions. An advantage of a term policy is the premium is usually cheaper because it is for a defined period of time.

A whole life policy pays a death benefit as long as the policy is paid and in-force. It is not limited to time increments like a term life policy. Most policies that are commonly referred to as burial policies are whole life policies. The greatest advantage to this type of life insurance coverage is that the insured is covered for their whole life. The greatest disadvantage is the premiums tend to be higher compared to term policies for the same coverage.

There are life insurance policies that offer benefit riders that can be utilized before the insured passes away. For example, you can include riders that will pay for skilled nursing care or for someone to come into the home if the insured is diagnosed with a chronic or terminal illness.

Choosing the right life insurance coverage mainly depends on the family's current financial needs. If there is a mortgage, college tuition and other major obligations, a family would require more insurance should the unthinkable happen. We can help you get just the right affordable life insurance policy to protect your family now and in the future. Call us today for a free consultation and quote. 


Details of Term Life Insurance You Can't Overlook
Details of Term Life Insurance You Can't Overlook

 

There are several situations in which a term life insurance policy makes sense, but there are some details of term life insurance that you must consider before making your decision whether such a policy is right for you.

"Term" Is Key
The most important detail of term life insurance that you can't overlook is that the word "term" means temporary. Unlike a whole life insurance policy, which provides you coverage for as long as you have the policy, term life insurance will come to an end at some point. For example, if you have a 30-year term policy, at the end of 30 years, if you are still alive, the policy ends and you get no benefits.

No Cash Value
Another detail you don't want to overlook with term life insurance is that you are paying for the death benefit only. Unlike whole life insurance, your term premiums do not generate any cash value that will grow over time. That means you can't borrow against the policy and will get nothing back if you end the policy early.

You Get a Lot More Coverage for the Money
When looking for the best term life insurance, one detail to make sure you don't overlook is that you can get a lot more life insurance coverage for the money than you would with a whole life policy. A young person who's in good health can easily get hundreds of thousands of dollars in life insurance coverage for just a few hundred dollars a year. If all you need is the peace of mind of a death benefit to protect your family in the event of your untimely death, a term life insurance policy may be your best bet.

Premiums Don't Change
Another advantage of term life insurance you should take into consideration is that the premium will never change as long as you keep the policy. For example, if you get $100,000 of term life coverage at $10 a month at age 30, it will still cost you $10 a month at age 59. Other types of life insurance often have premiums that increase as you get older.

If you are in the market for a term life or other life insurance policies, talk to the experts at Bankers Fidelity. The agents at Bankers Fidelity can find the right policy for you and help you make the right decision.

 


What Is a Term Life Insurance Plan?
What Is a Term Life Insurance Plan?

 

Term life insurance provides a death benefit to a named beneficiary upon the death of the insured person. Premiums for the plan are at a fixed amount for a specific period of time. That period of time is known as the term. Upon expiration of the term, coverage lapses unless it's renewed. Renewal is for another term, usually at higher premium amounts and possibly even different coverage conditions. Should the insured person die during the term of the policy, the death benefit is paid to the beneficiary. Term life insurance is a significantly cheaper way to purchase a death benefit for a specific period of time. Term insurance is distinguished from whole and universal life insurance where the premium payments are fixed for life unless the insured person causes a lapse of the policy. As opposed to whole or universal life insurance, term insurance provides no advantages other than the stated benefit.

There are two types of term life insurance. Those are annual renewable policies and level term life insurance. With annual renewable policies, the insured person is covered for one year. The policy must then be renewed. Should the insured person pass away during that one year term, the benefit is paid to the designated beneficiary. What can come to issue in annual renewal policies is the scenario where the insured person comes down with a fatal illness, but doesn't pass away until after the life insurance term expires. In all likelihood, the previously insured person wouldn't be insurable after the expiration of the one year term. If term life insurance is the choice for a person, they might want to look at annual renewable term insurance where the policy is renewable annually for a term of years with premiums changing each year.

Most people covered by term life insurance are insured with level term insurance. Premiums are guaranteed to be a certain amount for a certain number of years. Common terms are from 10 to 30 years at 5 year intervals. Most level term policies are renewable, but it's not guaranteed. Each insured person must look at their policy on renewability. Evidence of insurability might be required. It should be noted that most term life policies have a conversion option where the insured person might convert their insurance from term to a whole or universal life policy. This is an attractive option for life insurance and investing.



Discover Why You Should Get a Life Insurance Policy
Discover Why You Should Get a Life Insurance Policy

Have you been considering purchasing a whole life insurance policy? While no one really wants to think about the end of their life, it’s not something any of us can escape. A life insurance policy allows you to be able to replace your dependent's income, and provide them with a way to pay for your final expenses. A life insurance policy is a great way to ease the financial blow that comes with losing a loved one. Below you’ll find a few reasons why buying a life insurance policy is a good choice for you. 

 

Replace Your Dependent’s Income
 In most cases, people buying a life insurance policy want to replace their income for their spouse or dependents. Whether you have small children or a spouse who's unable to work, leaving them with a way to keep the bills paid is a great gift. Your loved ones will know that you thought highly of them and their future when you leave them the gift of financial security. 

Pay for Final Expenses
Whether your death was anticipated or unexpected, funeral costs are high. Buying into a life insurance policy will allow you to help your family pay for the final expenses. You can plan ahead or have your family plan it all, either way it will be paid for. This will help to alleviate some stress during your families grieving period.

Create an Inheritance for Your Heirs
Let’s say you don’t have any assets to divide among your heirs. With a life insurance policy, you can create an inheritance by naming your heirs as the beneficiaries. This will help them maintain the lifestyle they’re used to long after you’re gone.

Make a Charitable Contribution
Even if you don’t have family left, your life insurance policy can still be put to good use. If you name a charity as your beneficiary for your life insurance policy, you can donate the cash equivalent of your insurance policy’s premium. This will help you help others even after you’ve left this world.

Customized Insurance Policies
For years, Bankers Fidelity has been helping people just like you find the perfect whole life insurance policy for your needs. Whether you want to leave behind an inheritance for your children or cover funeral expenses, we’re here to help make that happen. Give your family the gift of love by choosing a life insurance policy that is tailored to your unique needs. They’ll be glad you did.