Term life insurance is an essential tool for anyone looking to safeguard their family's financial future. By understanding how term life insurance works and its key features, you can make informed decisions that align with your family's needs.
The primary purpose of Term Life Insurance is to pay out a death benefit if the insured dies within the policy term. This benefit can help cover living expenses, debts, and future financial goals for the family.
As such, Term Life Insurance is a “pure protection” policy. It offers coverage for a specified period based on their needs, whether it be for a specific financial obligation (like a mortgage) or until children reach adulthood. We offer coverage from 5 to 40 years. If the insured individual passes away during this term, the insurance company pays a predetermined sum (the death benefit) to the designated beneficiaries or estate. Unlike permanent life insurance, term policies do not accumulate cash value; they are solely focused on providing financial security in case of death.
Key Features to consider:- Affordability: Amoré is fully underwritten Term Life Insurance, our premiums are generally lower than those for non-medical term life policies and permanent life insurance policies, allowing individuals to obtain substantial coverage at a reasonable cost.
- Renewability: Non-renewable term life cancels once your policy’s term ends. Renewable term plans are eligible to renew at the end of their initial term without any health questionnaire or medical evidence required. Important to note: Rates will increase at the time of renewal based on the age attained for the insured.
- Convertibility: A convertible policy can be converted without evidence of health to a permanent life policy before a specified age (65 for Amoré). This gives you cost effective insurance when you need it and the option of permanent life insurance for estate planning if you need it later.
- Fracture Benefit: We offer a fracture benefit to help overcome life’s unexpected accidents. This pays $1,000 if you, your spouse or your children suffer a fracture resulting from an accidental injury.
- Instant Approval: In most cases we will issue the policy immediately. If you have medical issues we cannot assess with our online application, this will be reviewed by an actual person (not an AI) and a quick decision will be made.
- Money Back Guarantee: If you change your mind within two weeks of buying the policy you can cancel and we will refund your premium, it’s that simple. You can also cancel the policy anytime; you are not obliged to keep the policy for the full policy term. For example, if your situation changes, simply let us know and stop paying premiums, the coverage will end and you don’t need to pay anything else.
