Term Life Insurance

Term Life Insurance provides coverage for a limited period of time, or "term." It is suitable for financial obligations that remain constant for a short or intermediate period of time. Term Life Insurance works well for:

• Mortgages or other loans
• Surviving Spouse’s income needs
• Income during a child’s dependency
• Young, growing families with limited income.
• Key-Man Insurance
• Buy-Sell Agreements
• Business Continuation

Term Life provides only pure insurance protection and does not accumulate cash value like most permanent Life Insurance policies.

Term Insurance could be compared to a Homeowners policy. While the Homeowners policy is in force, you enjoy protection against a loss. If there is no loss, no benefits are paid. At the end of the policy, there is no return of paid premium. Term Insurance works in a very similar way. Both are coverage's that are important to have, but you hope you never use.

Types of Term Life Insurance

1. Level Term: The Death Benefit remains level or constant for the duration of the term. Premiums are designed to be level for the duration of the term as well, but the premiums are not always guaranteed. Level Term policies can be purchased for periods of 5 to 30 years.
2. Decreasing Term: The Death Benefit decreases over the duration of the term. Premiums are typically level, but they are again not guaranteed
3. Annual Renewable Term: Term coverage that renews yearly without showing evidence of insurability. Premiums increase each year and become outrageously expensive as the insured approaches retirement age.

What to look for when buying Term Life Insurance

• Level Term is the most flexible and cost effective plan of Term Life Insurance. There are very few instances where Level Term is not the Term program we recommend to our clients
• With recent Term Life Regulation, rates are going up and/or rate guarantees are decreasing.
• As a result of this Term Life Regulation, there are more options then ever before. Let The Guard Group help you make sense of Term Life quotes by breaking down and explaining the product, not just comparing price.
• Make sure to compare the Life Insurance company’s Financial Stability in addition to their product. You need the company to be financially viable in 10, 20 or 30 years to pay a claim.
• Be cautious when using Term Life Web sites that provide multiple quotes with limited information. While the Insurance Companies these sites use are the same Companies with the same rates that The Guard Group has been using for over 25 years, it is very hard to compare competing Term Life products in a brief spreadsheet. Also, make sure the quote you receive is for the rate class you might qualify for. Don’t be fooled by the lowest premium quoted from an Insurance Companies best rate class. They are often very difficult to qualify for.
• Convertibility is a very important feature in a Term Life Policy. The number of years you have to convert your Term policy to a permanent policy or even the option to convert your Term policy to a permanent policy varies from company to company and can greatly affect price when comparing two Term quotes.
• Make sure a Term Policy is the best type of policy in your situation. Let The Guard Group help you with some basic Life Insurance Planning to determine the product that best fits your needs.

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Securities and Investment Advisory Services offered through Allegheny Investments, Ltd., Member NASD, SIPC, 3000 McKnight East Drive, Pittsburgh, PA 15237 (412) 367-3880. Neil Merrell, Allegheny Investments Registered Representative. Allegheny Investments, Ltd. is not an affilitate of The Guard Group.