Term life insurance
Would your family be financially secure in the event of your death? It’s something no one wants to think about, but we all should be prepared for. Term life insurance underwritten by Golden Rule Insurance Company can play a part in helping you protect your family’s finances in your absence.
What is term life insurance?
Term life insurance is a life insurance policy that pays cash benefits to help your loved ones in the event of your death.
Term life insurance policies from Golden Rule Insurance Company also feature an optional Critical Illness Benefit1 that pays cash benefits upon diagnosis of a qualifying illness or death.
A term life insurance policy features advantages like:
- Lump-sum benefit paid upon your death
- Multiple terms and benefit levels to choose from
- No medical exam required2
- Eligible for coverage until age 75
How does term life insurance work?
Term life insurance pays your designated beneficiary(ies) a lump sum if you die within the selected policy term. If you opt for the optional Critical Illness rider and are diagnosed with a qualifying illness, you will receive a cash benefit according to the terms of your policy.
The money is paid to you and can be used as you wish. The benefit amount received from the Critical Illness rider is subtracted from the benefit amount of your term life insurance policy.
Who benefits from term life insurance policies?
Because term life policies are only active for a set amount of years, some people benefit from these policies more than others. Term life insurance may be a good option if you are:
- Raising children
- Paying off a mortgage
- Earning a majority of the household income
Term vs. whole life insurance
Term life insurance differs from whole life insurance. A term life policy has a death benefit, meaning the benefit is paid when the insured dies. A term life insurance policy has a set duration on the coverage period, after which the coverage expires (or can be continued at a higher rate).
In contrast, whole life insurance plans have living benefits and often feature savings components that build up over time. As the name implies, permanent or whole life insurance plans extend until the policy owner dies or reaches 100 years of age.
Losing a loved one is hard
No one wants to think about what happens after they’re gone, but if you have a family, having a term life insurance plan can help keep your family secure.
Contact a licensed insurance agent for more information on how term life insurance can help.
Covered critical illnesses
Your Critical Illness benefit can be paid out for the following qualifying critical illnesses:3
Life threatening cancer
Loss of hearing, speech or vision
Major organ transplant
Carcinoma in situ
Coronary artery bypass graft
Need help finding a plan?
Answer a few questions to see which insurance options may be available for you.