Term Life Insurance

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From the Ask the planman podcast...

EP 12: How Much is Your Life Worth featuring Robin Czarnek
Are you aware of the MANY reasons why people need life insurance? Are you going to outlive your insurance or is your insurance going to outlive you? Do you know the difference between term and permanent insurance? 

EP 10: How Health & Wellness Can Impact Your Insurance Rates w/ Arman Eckelbarger
How does your health impact your insurance costs? We are speaking with health and wellness expert Arman Eckelbarger about how you can take better care of your health and wellness and positively influence the costs you pay for your insurances.


When is Permanent Insurance Really Necessary?

For millions of Americans, the choice between term and permanent insurance can be a confusing one. A number of variables factor in to whether one is more appropriate than the other for most consumers, such as debt level, health and longevity, and the size of one’s estate. There are a number of arguments on both sides stating why one is better than the other, but in virtually all cases, there are a couple of situations where permanent insurance is usually the best choice.

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What to Know When Switching Life Insurance Policies

Beginning retirement is a big change. Not only is your income changing and your kids finally get on their own, but you begin arranging things for your retirement and perhaps final issues. Our life insurance needs change as our circumstances do. If you’re going to maintain life insurance on yourself but want to alter it, here are some considerations on switching policies for a better deal.

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Don’t Need Your Annuity? Use It to Buy Life Insurance for Your Beneficiary

When you purchase a deferred annuity all taxes on its earnings are tax-deferred. If you don’t need your deferred annuity, you can leave it for your beneficiary upon your death. Unless the beneficiary is your spouse, he’ll have the option of cashing it some time within a 5 year period, or taking if over his remaining life expectancy. But he’ll have to pay tax on the earnings at his income tax rate.

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Make Sure You Life Insurance Doesn’t Go to Your Estate

Generally, you designate a beneficiary for your life insurance when you purchase the policy. If you were undecided at that time, then you – or rather your estate – will be the beneficiary. Be sure to update your policy and decide on the best beneficiary or you’ll undermine a lot of the benefits that life insurance payout can give your eventual beneficiary.

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Affordable Peace of Mind: Discover the Financial Protection of Term Life Insurance

Although term life insurance policies don’t accumulate cash value, and only provide coverage for a specified period of time, this doesn’t mean they’re inferior to whole life or universal life insurance. While it’s true that term life insurance may not suit everyone’s needs, it remains an incredibly practical and affordable option for many. Particularly, young families with children, individuals burdened with outstanding debts, or those who have not yet reached retirement age and only need coverage for another decade or two. Term insurance also serves as an excellent complement to existing employer-sponsored life insurance, providing additional protection at a reasonable cost. Let’s take a more in-depth look at term life insurance… 

Term life insurance tends to be more affordable than other types of life insurance, such as whole life or universal life insurance. It provides coverage for a specific period when you may have higher financial obligations, such as a mortgage or dependent children.

Term lengths can vary, but common options are 10, 15, 20, 25, or 30 years. Some insurance companies also offer customizable term lengths.

Essentially, term life insurance is a policy that provides coverage for a specified period of time, usually between 10 and 30 years. If you pass away during the term of the policy, your beneficiary receives a death benefit. But if the policy expires and you’re still alive, there’s no payout. It’s a great way to protect your loved ones financially in case the worst happens.

Medical exams are typically required for larger coverage amounts or for policies with longer terms. However, some insurance companies offer “no medical exam” term life insurance, which may have certain limitations and higher premiums.

The availability of term life insurance and the premiums you may be charged can vary depending on your pre-existing health conditions. Some conditions may result in higher premiums or a declined application. It’s best to shop around and work with an insurance agent to find the best options.

The cost of term life insurance depends on a few things, like your age, health, and coverage needs. Generally, younger and healthier folks will pay less than those who are older or have pre-existing health conditions. But don’t let that scare you off! There are affordable options out there for everyone. You can also shop around and compare quotes to find the best deal.

No, term life insurance premiums are generally not tax-deductible. However, the death benefit paid out to beneficiaries is usually tax-free.

This is a tricky one because it depends on a lot of factors, like your income, debts, and family situation. However, as a general rule of thumb, you should aim for coverage that’s equal to 10-12 times your annual income. That should give your loved ones enough financial support to pay off debts, cover living expenses, and hopefully have some money left over. Of course, the amount of coverage you need is ultimately up to you and what you feel comfortable with.

In most cases, you cannot increase the coverage amount of your existing term life insurance policy. However, you can purchase an additional policy to supplement your existing coverage.

Yes, many insurance companies offer riders that can be added to term life insurance policies for additional coverage. Common riders include accelerated death benefit, accidental death benefit, and waiver of premium.

Many term life insurance policies offer a conversion option, allowing you to convert your policy to a permanent life insurance policy, such as whole life or universal life insurance, without undergoing a medical exam. This can be beneficial if you decide you need lifelong coverage.

The death benefit is the amount of money that will be paid to your beneficiaries if you pass away during the term of the policy. You can choose the death benefit amount when purchasing the policy.

Traditional term life insurance policies typically do not include living benefits. Living benefits are commonly associated with permanent life insurance policies, such as whole life or universal life insurance. These policies may offer features like cash value accumulation, policy loans, and the ability to access a portion of the death benefit in case of a qualifying terminal illness or chronic condition.

Yes, you can name multiple beneficiaries for your term life insurance policy. You can allocate the death benefit among them in the percentages you choose.

No, you cannot borrow against a term life insurance policy. Term life insurance does not accumulate cash value that you can access.

If you outlive your term life insurance policy, it will expire, and there will be no payout. At that point, you may have the option to renew the policy or purchase a new one, but the premiums may increase based on your age.

Some term life insurance policies offer a renewal option at the end of the term, allowing you to extend the coverage for an additional period. However, the premiums may increase based on your age and health status at the time of renewal.

Yes, you can typically cancel your term life insurance policy at any time. However, if you cancel early in the policy, you may not receive a refund of the premiums paid.

If you stop paying premiums, your term life insurance policy will typically lapse, and the coverage will end. Some policies may have a grace period during which you can still make premium payments to keep the policy active.

Yes, you can purchase multiple term life insurance policies from different insurance companies or the same company. Each policy will have its coverage amount and term length.

Yes, there is term life insurance available for seniors, but the premiums may be higher due to age and potential health risks. Some insurers offer policies with age limits, while others offer guaranteed issue policies with no medical exam required. It’s best to compare options and premiums to find the best fit.

Yes, smokers can get term life insurance, but their premiums will be higher due to the health risks associated with smoking. It’s important to disclose your smoking status when applying for coverage to ensure your policy is valid.

Yes, diabetics can get term life insurance, but their premiums may be higher due to their condition. Insurers will consider factors like A1C levels, age at diagnosis, and treatment methods when determining premiums. It’s important to disclose your diabetes status when applying for coverage to ensure your policy is valid.

Yes, group term life insurance exists and provides coverage for a group of people such as employees or organization members. Many employers use it as an attractive benefit to retain talent.


Affordablity and flexability are two of the key selling points of term life policy. The primary benefit of term life insurance is its flexibility in choosing the coverage amount and duration. The policyholder can select the amount of coverage they need based on their family's financial needs at the moment like outstanding debt, mortgage payments, and education expenses.

The policyholder can also choose the duration of their coverage based on their family's needs. For example, if you have young children, you can purchase a twenty-year term life insurance policy to ensure they will have financial security until they become financially independent. If you have a mortgage that will be paid off in ten years, you can purchase a ten-year term life insurance policy to ensure your family can continue to make payments in the event of your unexpected death.

Since term life insurance only provides coverage for a specific period of time, the premiums are typically much much lower than premiums on whole life or universal life insurance policies.

  • Affordable: Term life insurance is generally more affordable than whole life or universal life insurance policies, making it a popular choice for individuals who are on a budget.

  • Flexibility: Term life insurance policies can be tailored to meet the specific needs of the policyholder, such as the length of the term and the amount of coverage needed.

  • No investment component: Unlike whole life or universal life insurance policies, term life insurance policies do not have an investment component, which can be beneficial for individuals who prefer to invest their money elsewhere.
  • No cash value: Term life insurance policies do not accumulate cash value over time, which means that there is no payout if the policyholder outlives the term of the policy.

  • Limited coverage period: Term life insurance policies provide coverage for a specific period of time, which may not be ideal for individuals who require coverage for their entire life.

  • Premiums may increase: Some term life insurance policies have premiums that increase over time, which can make them less affordable in the long run.

take YOUR next step towards peace of mind

Term life insurance for young families with kids | Weinstein Wealth

Your loved ones deserve the utmost protection, and it’s time to take charge of their financial security. Schedule a consultation today with Weinstein Wealth Insurance Solutions and empower yourself with the knowledge to make informed decisions about your life insurance options.

During our consultation, we will delve into your unique circumstances, understanding your goals, obligations, and aspirations. With our years of experience in the insurance industry, we’ll provide expert guidance tailored to your needs. We’ll help you navigate the complex world of  life insurance, ensuring that you choose the most suitable coverage for your family’s future.

Don’t leave the financial well-being of your loved ones to chance. By taking action today, you can bring peace of mind and safeguard their dreams. Let us be your trusted partner on this journey, assisting you in making the right choices to secure the legacy you’ve worked so hard to build.

Don’t delay! Schedule your consultation now and make a lasting difference in the lives of those who matter most.