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Administered by
UMA Association Health Programs
12721 Metcalf Avenue, Suite 100
Overland Park, KS 66213
Toll Free Phone: (888) 450-3040
help@associationpros.com |
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Term Insurance |
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Term Insurance is primarily used for temporary coverage. It is typically purchased for a specific time period—10 to 30 years, for example. It is often used to protect mortgages or pay benefits to family in the event of an untimely death.
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Additional Information |
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What is the difference between term and permanent insurance?
Term insurance is commonly referred to as temporary coverage. For example, a newly married couple may want to buy life insurance to protect the mortgage on their house. Another may want it to assist a spouse and children in the event of an untimely death. Term insurance is usually less expensive than permanent insurance because insurance companies charge premiums based upon the likelihood of your death. If you are 30 and you buy a 20-year term plan, the likelihood of your dying between the ages of 30 and 50 is relatively small. If your term plan runs out, you must re-qualify for coverage based upon your current age and health conditions.
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