[Insurance] Term Life Insurance

How it Works

Term insurance is the most straightforward form of protection. You generally pay premiums on a monthly or annual basis and your family is protected for that "term". State Farm offers a variety of term products to fit your needs, time frame, and budget.

Typical Uses:

     * Help provide for a family's loss of income.
     * Cover short- term debts and needs.
     * Provide additional insurance protection during the child raising years.
     * Provide longer term protection to help pay off a mortgage, or to help pay for a college education.

Term Life Policies

Select Term Life Insurance

 Select 10, 20 or 30 years of coverage and a guaranteed benefit. The affordable premiums are level for the initial policy term. The policy is guaranteed to renew up to age 95. Once past the level premium period, premiums will increase annually.
 Features:

     * Guaranteed renewable to age 95.
     * Coverage starting at $100,000
     * Convertible to a permanent policy regardless of health, subject to age limits as stated in the policy.

Return Of Premium

 Return of Premium Term offers you coverage with a level premium payment for 20 or 30 years, whichever you choose. If you outlive that premium period, the policy premiums you've paid will be returned to you. The policy is guaranteed to renew up to age 95. Once past the level premium period, premiums will increase annually.
 Features:

     * All premiums paid will be returned at the end of the 20 or 30 year period as long as the insured is living, and the policy is still in force.
     * Coverage starting at $100,000.
     * Guaranteed renewable to age 95, subject to age limits as stated in the policy.
     * Convertible to a permanent policy regardless of health, subject to age limits as stated in the policy.

Mortgage Life 15 & 30

 Mortgage Life 15 & 30 is designed to provide funds for the repayment of a residential mortgage in event of premature death. After the first 5 years, the death benefit, which is meant to behave similar to your mortgage, decreases over the life of the policy. It is sometimes called a "decreasing term" policy.
 Features:

     * Coverage is available for 15 or 30 year periods.
     * You choose the amount based on your mortgage balance.
     * $50,000 minimum coverage amount.
     * Convertible to a permanent policy regardless of health, subject to age limits as stated in the policy.

5 Year Term Life

 Provides affordable life insurance protection for covering any short-term life insurance need you may have. You have the right to renew for an additional 5 year term up to age 85 (age 80 in NY), though premiums will increase with age.
 Features:

     * Guaranteed renewable to age 85 (age 80 in NY).
     * $50,000 minimum coverage.
     * Convertible to a permanent policy regardless of health, subject to age limits as stated in the policy.