Tennessee Term Life Insurance
Secure your family's future with term life insurance
Whether you're starting a family, planning for your children's education, or securing a mortgage, our term life insurance options cater to your growing needs. Explore the benefits of term life coverage with Farm Bureau Insurance and take a step towards a more secure tomorrow.
What is term life insurance?
Term life insurance is a type of life insurance policy that provides coverage for a specific period, or term. It is designed to provide financial protection to your loved ones in the event of your untimely death.
Our term life insurance products offer three ‘level’ premium options (10, 20 and 30) and our annually renewable term life insurance plan. For the level term plans, the premium is anticipated to stay the same for the level period and then increases each year. For the annual renewable term, it increases each year. As with any life insurance policy, when the insured dies, the beneficiary receives the death benefit, income tax free, and it can be used however the beneficiary decides. Term policy life insurance coverage from Farm Bureau Insurance is easy to understand and easy to budget for.
Term Life Insurance vs Whole Life Insurance
Term Life Insurance
Provides coverage for a specified term, typically 10, 20, or 30 years
Offers a death benefit to your beneficiaries if you pass away during the term of the policy
Lower premiums
Whole Life Insurance
Coverage for your entire life
Offers a death benefit but also accumulates cash value over time
Often considered a permanent plan and provides more financial security
Higher premiums
Benefits of term life insurance
When it comes to protecting your family's financial future, term life insurance is an excellent option. It offers a range of benefits that make it a popular choice among individuals and families. Let's explore some of the key advantages of a term life policy.
Affordability. One of the most significant benefits of term life insurance is its affordability and cost-effectiveness. Compared to other types of life insurance, term life insurance policies typically have lower premium payments. This makes it a budget- friendly option for individuals and families who want to ensure financial security without breaking the bank.
Flexibility. Term life insurance also offers flexibility in coverage and policy terms. You can choose the coverage amount and the duration of the policy based on your specific needs. Whether you need coverage for a set number of years or until a specific milestone, such as paying off your mortgage or your children graduating from college, term life insurance allows you to customize your policy to align with your goals.
Financial safety net. Another important benefit of term life insurance is the peace of mind it provides for your loved ones. In the event of your passing, your beneficiaries will receive a death benefit that can help cover funeral expenses, outstanding debts, and provide financial support for their future needs.
Perfect for different life stages. Term life insurance is a popular choice because it caters to the needs of individuals in different life stages. Whether you’re a young professional just starting a family, a homeowner with a mortgage, or a parent with children to support, term life insurance offers the right coverage for your specific circumstances
How much coverage should I get?
Term life insurance is a popular and effective way to protect your loved ones financially. Low- cost term life insurance is typically used by adults with temporary needs like replacing lost income or paying off a mortgage. To see how much life insurance you need, follow this link for a quick calculation. After the specified term, rates will increase, but term life insurance can also be converted into one of our permanent life insurance policies.
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Common questions about term life insurance
How long should I have term life insurance?
The length of time you should have term life insurance depends on your individual circumstances. Typically, people choose term life insurance to cover a specific period, such as the duration of their mortgage or until their children are financially independent.
Can I change my coverage amount in the future?
Yes, with term life insurance, you have the flexibility to reduce your coverage amount in the future. As your financial situation changes, you may need less coverage. However, to increase the amount of coverage you have with term life insurance you would need to apply for another policy.
Can I convert term life insurance to whole insurance?
Yes, at Farm Bureau Insurance, you have the option to convert to permanent insurance. Depending on your age, you may not have to undergo medical exams or provide health information when making the conversion.
Can I cancel my term life insurance policy?
Yes, you have the option to cancel your term life insurance policy. However, it's important to consider the implications of cancellation. If you cancel, you will no longer have coverage, and any premiums you've paid may not be refundable.
Not sure if term life insurance is right for you?
Speak with a local Farm Bureau Insurance agent today.
