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.
How does term life insurance work?
Term life insurance pays designated beneficiaries a lump sum if you die within the selected policy term. If you choose to add a Critical Illness Benefit to your policy and are diagnosed with a qualifying illness, you’ll 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 Benefit will be subtracted from your term life insurance policy benefit.
See the advantages of choosing a term life insurance plan
When you choose a term life insurance plan, the policy benefits are paid to your beneficiary or beneficiaries. The payment can be used as they wish, including for expenses like:
Mortgage payments
Travel costs
School for children
Adding critical illness coverage to your term life plan
With term life coverage from Golden Rule Insurance Company, a UnitedHealthcare company, you can also choose to add a Critical Illness Benefit. When you add this benefit, you can receive a cash benefit if you're diagnosed with one of the following qualifying illnesses:2
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Heart attack
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Life-threatening cancer
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Loss of hearing, speech, or vision
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Major organ transplant
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Paralysis
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Coma
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Renal failure
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Stroke
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Carcinoma in situ
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Coronary artery bypass graft
The benefit amount received from the critical illness rider will be subtracted from your term life insurance policy benefit.
Frequently asked questions
Take a closer look at the details about term life insurance to learn if it may be a smart choice for you and your family.
Term life insurance is not the same as 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 of time on the coverage period. After that, 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.
Because term life policies are only active for a set amount of years, some people benefit from these policies more than others. Many people consider adding term life coverage in certain times and circumstances. Term life insurance may be a good option if you are:
- Raising children
- Paying off a mortgage
- Earning a majority of the household income
Having a term life policy is a way to help provide financial support to your loved ones if you unexpectedly die.
UnitedHealthcare branded Term Life SafeGuard plans from Golden Rule Insurance Company are sold in 10- or 20-year time periods. The longer the policy, the higher your life insurance quotes are likely to be.4
Why choose UnitedHealthcare?
Lump-sum benefit paid upon your death
No medical exam required3
Multiple terms and benefit levels to choose from
Coverage available until age 75
Why choose UnitedHealthcare?
Lump-sum benefit paid upon your death
No medical exam required3
Multiple terms and benefit levels to choose from
Coverage available until age 75
Explore more supplemental plans
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