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SPENCER & SPENCER

CONNECT

Address:

222 Ridgedale Ave., Ste 1A
Cedar Knolls, NJ 07927
Phone: (973) 971-0002
Fax: (973) 971-0027

110 Fieldcrest Ave., Ste. 20
Edison, NJ 08837
Phone: (732) 225-0777
Fax: (973) 971-0027

Phone:

Term Life Insurance

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Term Life Insurance is designed for temporary life insurance coverage. Term insurance usually has a guaranteed level premium for the length of the term period- the most common periods are 10, 15, 20, and 30 years. This is a death benefit-based product and typically has no living benefits. Clients who want large amounts of life insurance for only a specific length of time tend to benefit from term life insurance.

Also, many term products have a special feature that allows the insured to convert the term insurance to a permanent life insurance product such as whole life or universal life. The advantage of the conversion privilege is to make a policy change without medical underwriting, making it easier to leave a legacy to family or fulfill retirement or estate planning needs.

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Check the background of this financial professional on FINRA's BrokerCheck