Life Insurance

For most people, the need for life insurance may decrease, but it never goes away. As time passes, circumstances and plans change, but the need for protection never disappears. That’s why you should consider a life policy from Northwest Community Insurance which can give you piece of mind with these features:

Term Life Insurance

Term life insurance is a popular form of coverage that allows you to purchase large amounts of protection at attractive premium rates. Term insurance is ideal for protecting a mortgage, providing replacement income or funding college for a child in the event of a premature death.Term life insurance is temporary insurance. It is also the most affordable type of life insurance available. Each year, a premium is paid to cover the risk of death during that year. Term life insurance has no cash value. The only way to collect anything is to die before the term life insurance expires. If death occurs, the life insurance beneficiary generally collects the death benefit of the life insurance policy, free of income tax.

Guaranteed Level Term Life Insurance

Guaranteed level term life insurance is the most common type of term life insurance. It is popular because of the extremely low cost and long term coverage it provides. These types of life insurance policies have premiums that are designed to remain level for a period of 5, 10, 15, 20, 25 or even 30 years.

Return of Premium Term Life Insurance

Return of premium term life insurance (ROP) is a type of life insurance policy that offers a guaranteed refund of the life insurance premiums at the end of the term period, assuming the insured is still living. This type of term life insurance policy is a bit more expensive than traditional term life insurance, but the premiums are designed to remain level. They are often significantly less expensive than permanent types of life insurance, yet, like many permanent policies, they still may offer cash surrender values if the insured doesn’t die. Return of premium term life insurance policies are available in 15, 20, or 30-year terms.

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