Term 100 Introduction

Term 100 is a type of life insurance that offers a coverage up to age 100, or until the insured person dies (if they live past 100). With this type of policy the premiums are averaged from the insured person’s age at the time of applying until age 100 and then they paid until age 100.  The premiums are guaranteed never to increase, but missing a payment can cause your policy to lapse.  There are also variations that allow you to have “paid-up” term-100 life insurance.  In these cases you can accelerate the payment period.  So instead of paying the average cost to age 100, you can choose to pay for 10 or 20 years and then stop paying.  The coverage will continue permanently.  When you condense the payment period you are basically agreeing to pay more now so you don’t have to pay later.

The additional deposits that were made to “pay-up” the policy are accumulated in the policy as a cash value and may be withdrawn, but this may cause the policy to lapse if not done properly.  Having a policy with cash value add a whole level of complexity and much care should be taken with an advisor who can devote the necessary time to explain your policy and servicing it properly.

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