Term Life Insurance

MetLife Investors (MetLife), North American (NACOLAH), United of Omaha Life Insurance Company

A life insurance policy which provides a stated benefit upon the holder's death, provided that the death occurs within a certain specified time period. However, the policy does not provide any returns beyond the stated benefit, unlike an insurance policy which allows investors to share in returns from the insurance company's investment portfolio.

Features of Term Life Insurance

  • Renewability: Term policies allow the policy holder to continue coverage past the original coverage period of the policy. Each time the policy is renewed the premium increases to the amount for the then attained age of the insured. This right is usually offered for a specific period, which varies depending on the type of policy.
  • Conversion: In Most states term policies are convertible to age 75. Conversion allows the policy holder to exchange a term life insurance policy for any permanent life insurance policy offered by a company at any time while the policy is active.