Term Life Insurance
Defined as life insurance which provides coverage for a limited period of time, term life insurance is one of the most cost effective life insurance policies. Term Life Insurance can be purchased in time periods including 10-year, 15-year, 20-year and 30-year. At the end of the term, the policy terminates unless the insured elects to renew the policy, assuming the policy has that feature. The policy will renew annually at a higher premium rate due to the insured's increase in age.
A Term Life Policy is a pure death benefit and cannot accumulate cash values. If the insured is still alive at the end of the term, no money is paid out. Oftentimes, term life policies are purchased to cover a financial responsibility or debt such as a mortgage or college education.
Below is a chart that outlines what a term life insurance policy offers.
LIFE INSURANCE COMPARISON |
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| Term Life | Whole Life | Universal Life | |
| Policy Expiration | Yes | No* | No* |
| Paid Up Option | No | Yes | No |
| Proof of Insurability | Yes | Yes | Yes |
| Builds Cash Value | No | Yes | Yes |
| Flexible Premiums | No | No | Yes |
| Payout | Death Benefit | Death Benefit may include Dividends | Death Benefit may include Cash Accumulation* |
* Whole Life and Universal Life policies may mature at age 100 or 121, depending on the terms of the policy
** Payout for whole life will depend on dividend option selected. Payout for universal life will depend on death benefit option selected
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American National Property And Casualty Companies, Springfield, MO
Farm Family Life Insurance Company, Glenmont, NY
Farm Family Casualty Insurance Company, Glenmont, NY
United Farm Family Insurance Company, Glenmont, NY
All products, coverages, and options are not available in all states, and eligibility requirements will apply. Products and services referenced in this Web site are provided through multiple companies. Each company has financial responsibility only for its own products and services and is not responsible for the products and services provided by the other companies.
Life insurance and annuities are issued through American National Insurance Company, Galveston, Texas. or Farm Family Life Insurance Company, Glenmont, NY.
Personal lines and services are made available through American National Multiple Line Exclusive Agents and may be underwritten by American National Property And Casualty Company (ANPAC®), Springfield, Missouri or one of its subsidiaries or affiliates: American National General Insurance Company; Pacific Property And Casualty Company (California residents); ANPAC Louisiana Insurance Company (Louisiana residents); American National Lloyds Insurance Company and American National County Mutual Insurance Company (Texas residents).
Commercial insurance is issued through Farm Family Casualty Company, Glenmont NY in CT, DE, MA, ME, NH, NJ, NY, RI, VA, VT and WV and United Farm Family Insurance Company in MD and PA.
Tax issues that may be discussed are subject to change, and this is for your information only. Discussion of such issues does not constitute tax or legal advice. Please consult your tax advisor, attorney or CPA for guidance on all tax matters.
These brief descriptions of coverages available are for illustrative purposes only, and are not intended as a statement of contract. For actual terms and conditions of coverage provided, refer to your insurance policy or for more information about coverage options and availability, talk to your American National agent. Eligibility guidelines apply. American National Family of Companies reserves the right to discontinue programs at any time.
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