How does term life insurance work?

What is term life insurance? Our term life insurance products last until your 95th birthday, with three ‘level’ premium options available (10, 20 and 30) and our annually renewable term 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 can be used however they wish. Term life insurance from Farm Bureau Insurance is easy to understand and easy to budget for.

Why do I need term life insurance, and how much 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 insurance options.

What are term life insurance rates like?

Rates on term life insurance can vary according to term length and insurer, but it’s a great way to get the most coverage for the least upfront cost, with lower premiums than universal or whole life, that remain level for the length of the term. On average, most people purchase term life insurance plans that run between 10 and 30 years, at prices of around $30 a month. Term life insurance plans do not build cash value but pay a guaranteed death benefit. At Farm Bureau Insurance, quotes on term life insurance are easily determined. Get your term life insurance quote, or contact an agent today.