Term Life Insurance
Are you looking for Term Life Insurance in Texas?
Nicholson Insurance Group is your premier insurance broker for Term Life Insurance products in Texas. We are a family-owned independent agency with 19 years’ experience helping Texans, get the highest death benefit amount for their dollar spent.
What is Term Life Insurance?
Term life insurance provides you protection for a specific price over a specified period of time: usually 10, 15, 20, or 30 years. Coverage expires without value at the end of the term and you will need to either convert your policy to a permanent life insurance plan or purchase a new policy for a new term. Some of the new plans provide for a return of premium benefit. They refund most of the premium that you have paid into the policy, if the coverage has been unused.
Term life insurance pays out a specified lump sum to a beneficiary only in the event that you die before the policy expires. Term life insurance is less expensive than permanent life insurance because the term life insurance policies do not incorporate an investment account (cash value).
Different types of term life insurance are available for you. Let us modify a plan to fit your needs and provide you the maximum amount of protection for the least amount of premium.
- Annual Renewable Term– The death benefit is a level amount and will remain the same for the term period. This policy can automatically be renewed without having to provide evidence of good health each year. The premiums may however increase each year with age.
- Level Term – The death benefit is a level amount and will remain the same for the term period. Level term policies are usually purchased for a period of 10, 20, or 30 years and the premium generally remain stable over the entire period.
- Decreasing Term (Mortgage Insurance) – The premiums remain level over a specific term, but the amount of death benefit protection decreases throughout the term. Decreasing term insurance is best for you if you have financial obligations that decrease over time such as a mortgage or a loan.
Contact our insurance professionals today to see if term life insurance is right for you.
