GermaniaLIFE life insuance

Texas Term Life Insurance from GermaniaLIFE

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Life insurance on your terms.

Term life insurance is a type of policy that provides coverage for a specified period of time, typically anywhere from 10 to 30 years. This type of policy is often used to provide coverage during the years when you are most vulnerable, such as when you have young children or a mortgage that needs to be paid off. Term life insurance is generally less expensive than whole life insurance because it is designed to provide coverage for a limited period of time.

GermaniaLIFE offers two categories of term life insurance: Level Term and Decreasing Term.

 

Level term life insurance is a type of term insurance that covers you for a specific period of time. “Level” means that the death benefit remains the same for the duration of the policy, which ranges from 10 to 30 years. Death benefits start a just $50,000 and can increase to any amount based on the applicant’s financial need.

Level term policies are one of the most common forms of life insurance because they can provide security for many of life’s situations and circumstances, such as:

  • Parents: Parents who want to ensure that their children are taken care of financially in the event of their death may purchase a level term life insurance policy. This can help cover expenses such as college tuition or any other financial responsibilities that may fall to their children.
  • Breadwinners: The primary breadwinner in a family may purchase a level term life insurance policy to ensure that their family is taken care of financially in the event of their death. This can help cover expenses such as mortgage payments, bills, and any other financial responsibilities that may fall to their family.
  • Newlyweds: Couples who have recently gotten married may purchase a level term life insurance policy to ensure that their spouse is taken care of financially in the event of their death. This can help cover expenses such as funeral costs and any other financial responsibilities that may fall to their spouse.
  • Business owners: Business owners may purchase a level term life insurance policy to ensure that their business can continue to operate in the event of their death. This can help cover expenses such as employees’ salaries and any other financial responsibilities that may fall to the business.
  • Single Parents: Single parents may purchase a level term life insurance policy to ensure that their children are taken care of financially in the event of their death. This can help cover expenses such as childcare, education, and other financial responsibilities that may fall to their children.
  • Homeowners: Homeowners may purchase a level term life insurance policy to ensure that their mortgage is paid off in the event of their death. This can help ensure that their family can continue to live in their home without the financial burden of a mortgage.
  • Retirees: Retirees may purchase a level term life insurance policy to ensure that their spouse is taken care of financially in the event of their death. This can help cover expenses such as a funeral and other financial responsibility that may fall to their spouse.

Level Term Product Features

  • Guaranteed level death benefit
  • Guaranteed convertible – No evidence of insurability required
  • All Term products are indeterminate premium*
  • Current rate guaranteed for one year
  • Increments of 10, 20 & 30 year terms

From paying off student loans and buying your first home to helping your children move out of the house, different stages of life carry different financial needs. As your pay off your debts (like a mortgage or car payment) those financial needs decrease.

A Decreasing Term Life Insurance policy is like Term Life Insurance, except the death benefit decreases over the life of the policy. This means you can purchase a greater amount of coverage for your family at a more affordable premium.

A decreasing term life insurance policy is designed to pay out less over time, so it might appeal to people with certain financial circumstances. Here are some examples of people who might consider purchasing a decreasing term life insurance policy:

  • Homeowners with a mortgage: As the balance on their mortgage decreases over time, the payout from a decreasing term life insurance policy can be used to pay off the remaining mortgage balance if they were to pass away.
  • Parents with young children: As their children grow up and become financially independent, the need for a large life insurance payout decrease. A decreasing term life insurance policy can provide coverage during the years when their children are still dependent on them.
  • Business owners with outstanding loans: If a business owner has taken out a loan to start or expand their business, a deceasing term life insurance policy can be used to pay off the remaining balance of the loan if they were to pass away.
  • People with declining financial obligations: If a person’s financial obligations decrease, over time, such as paying off a car loan or student loan, a decreasing term life insurance policy can provide coverage during the years when their financial obligations are highest.
  • Retirees with a fixed income: As retirees age, their financial obligations may decrease, and their income may become fixed. A decreasing term life insurance policy can provide coverage during the years when they have limited resources.

Decreasing Term Product Features

  • Lowest cost Term product
  • Depreciates annually
  • No paramedical exam required for prospects age 55 or less up to $100K in coverage
  • Beneficial for young families with large amounts of debt
  • Increments of 15, 20, 25 & 30 Year terms
  • Lifestyle continuation coverage
  • Useful as Credit-Life for outstanding debt
  • Guaranteed convertible to Whole Life coverage - no medical required  
  • All Term products, including decreasing term products, are indeterminate premium*
  • Current rate guaranteed for one year

* Indeterminate premium means that the premium on a term product is only guaranteed for 1 year. After the first year of coverage, the premium can be increased or decreased at the carrier’s discretion up to a maximum premium amount. The terms and conditions of indeterminate premium can be found in the policy documents illustrated on the original quote and/or the final policy documents.