|
Term Life Insurance
Term life insurance is protection that is designed to meet temporary insurance needs. For instance, you may decide that you want coverage until your kids graduate from college; or, until a particular debt like your mortgage is paid off. Term insurance covers you for a specific period of time (the “term”), generally from one to thirty years, and pays a death benefit only if you die during the term.
Term insurance is the most basic type of life insurance and typically the least expensive. This makes it an attractive option for many young couples and individuals. You can buy higher amounts of coverage when the need for protection is usually at its greatest.
As with all types of life insurance the death benefit is paid to your beneficiaries completely income tax free. If you stop paying premiums and allow the policy to lapse, there is no cash value paid out to you, the coverage simply ends.
Term Life Insurance:
- Least expensive type of life insurance
- Protection for temporary needs, i.e. mortgage, college
- May be a good choice for young families and individuals
The downside is that the cost of your new policy may be significantly higher than the cost of your initial term policy, as your current age and health are factored in the price. If you think that you might need permanent life insurance, or if you’re interested in life insurance that may build cash value that you can use in the future, you may want to consider universal life insurance or variable universal life insurance.
ING’s life insurance companies offer a competitive lineup of term life insurance products, some with conversion features to universal life insurance and variable universal life insurance policies. Your financial professional can talk to you about your situation and help you select the coverage that’s just right for you.
Insurance products are issued by ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York and Security Life of Denver Insurance Company. Only ReliaStar Life Insurance Company of New York is admitted, and its products issued, in New York. Variable universal life insurance products are distributed by ING America Equities, Inc., 1290 Broadway, Denver, CO 80203. All are members of the ING family of companies.
cn53976122006
000910
|
