As the name implies, Term 80 Life Insurance provides coverage to the age of 80 to a maximum of $5,000,000 in coverage. Choose between 5-year and 20-year level rates. This means that as of the effective date of coverage, the rate you pay will remain level* for at least 5 or 20 years depending on the plan you choose, with coverage automatically renewing in 5-year intervals.
When you take out new coverage through Lawyers Financial, our unique Automatic Increase Benefit* (AIB) feature automatically increases your coverage by an amount equal to 10% of your certificate’s original face amount every December 1st, following 12 consecutive months of initial ownership. Increases to your face amount are applied automatically and do not require any evidence of continued insurability. You may decline an AIB increase at any time.
*Subject to volume savings and changes to the amount of coverage.
- Your Questions Answered
Here are a few questions we get from our clients who explore this option. Discuss these and other questions with your Advisor.
What if I’m unable to keep up my premiums due to an illness or injury?
We know it happens and that’s why we offer a built-in waiver of premium benefit at no cost to you. If you are totally disabled for six months or longer, before age 65, we pay the premiums for you, for as long as you are disabled.
I’m young and in great shape. Do I have to pay as much as everyone else?
Good for you. Ask about your eligibility for preferred rates based on your good health.
Do I get a break if I buy more insurance?
Yes. The more Term Life you own, the lower your rate per thousand of benefit. Volume discounts begin with insurance amounts of $250,000.