About Term Life

What is Term Life Insurance?
Term life insurance provides protection for a specified period of time. With term life insurance it is possible to receive a set amount of coverage (say $150,000) and a guaranteed level premium for 5, 10, 15, 20, 25, or 30 years.

Things to look for in a term life policy?

• Low Premiums. Try and find the most coverage for the lowest price. Therefore, you are getting the most amount of coverage per dollar spent in premium.
• Stability & Strength of the insurance company. Jim O'Connor only shops from companies rated either Superior or Excellent by A.M. Best Company.

• Practical Uses of Term Life Insurance: Term life insurance is best for people who do not need insurance throughout their whole life. For instance, a family with children that will be on their own in 18 years may want to purchase a 20 year term life policy, because after 18 years the parents will no longer have to worry about supporting their children.
• Term Life Insurance is commonly used in various business situations for key person protection, partnership buy-sell arrangements, and pension maximization situations. With the advent of 30 years level policies we see 30 yr. level term policies being used in estate tax planning strategies as well. Most term policies are fully convertable to permanent coverage w/out proving insurability which is extremely valuable if one's health has changed.
• Consumer advocates agree that term life insurance prices are at their lowest levels in decades. With term insurance, you get the most dollars of protection per dollar of premium. According to Consumer Reports Magazine, a policy providing $250,000 worth of protection cost $600 a year in 1991. That same policy costs about $275 today.