state farm term life insurance

These premiums are more expensive than those for traditional policies with a physical exam. Based on your evaluation, coverage may be limited to between $25,000 and $300,000 Your policy may provide coverage for either whole life or term life.

Term life insurance, also called pure life insurance or term life insurance, provides a guaranteed death benefit for the person covered if that person dies within a set period. The policyholder can choose to renew the policy at a later date, to convert it to permanent coverage, or to let the term-life insurance policy lapse.

It can be used to provide coverage for your final expenses. Because the coverage amounts for the guaranteed issue are lower than those of other types of life insurance many people use it as a form or final expense insurance. This insurance can be used to cover funeral expenses and related medical bills as well as pay off any remaining debts. A guaranteed issue may also allow you to leave a little legacy for your children and grandchildren.

You may have less life insurance options as a senior due to your age and current health. There aren't any restrictions if you're younger than 70 and in good overall health. As some insurers have restrictions on the age that can purchase a specific product, it may be necessary for you to look at a larger range of companies.

A level policy is the most common type. It is the death benefit that is paid for term policies. It is also possible for the benefit to decrease over time. This usually happens in one-year increments.