Term Life
Term Life insurance from GPM Life offers low cost protection for temporary needs.
Protect Your Family Today
Term life insurance is affordable. There is no reason to delay.
Term life insurance offers affordable, temporary coverage to protect your family or business if the unexpected happens. Term insurance can be more affordable than permanent coverage options.
Term insurance can be used to cover:
- Income replacement
- College education costs
- Mortgages
- Funeral costs
- Pay death taxes
- Debts
- Business transfer or loss of key employee
The period of coverage you choose will depend on your age and needs. We offer policies for 10-year, 15-year and 20-year guaranteed payment periods depending on your age at issue of the policy.
During the level-payment period, your premium payments are guaranteed not to change. After this period, however, premiums will increase each year until the policy ends.
All of our term policies offer:
- The option to convert the term insurance to a permanent policy without having to take a new medical exam
- Options to customize your policy with additional benefits (riders)
- Coverage options are available to individuals age 18-75
- Amounts of $100,000 and up
- Discount available for multiple policies, such as spouse coverage or business partners
How much life insurance do you need?
Use our calculator to estimate how much life insurance coverage you need to protect your family.
Understanding Term Insurance
Fits these needs:
Term insurance is a good option if you are looking for lower cost coverage for a temporary need. It is less expensive for younger individuals and families.
What to consider:
The costs of term insurance increase as you get older and this option may not meet your future needs. Term insurance does not provide cash value.
Options:
You may want to consider permanent life insurance options such as whole life or universal life that offer cash value and benefits that are not available with term insurance.
Term Life Insurance Options
Our term life insurance has options to help serve your needs as they change over time or to provide financial support in case you become disabled or are diagnosed with a terminal illness.
Accelerated Living Benefit Riders
New life insurance policies with more than $35,000 of initial death benefit may include Accelerated Living Benefit Riders (ALBRs) if the policy is issued in a state where the riders are approved. These riders will pay a portion of the death benefit, while you (the insured) are alive, if a triggering event occurs. This may be for the insured's diagnosis of a terminal illness, a specified critical illness such as cancer or a heart attack, or a specified chronic illness.
Other Riders Available
The Waiver of Premium benefit will pay your policy premiums should you become totally disabled. The coverage must be issued between ages 18-59, and the benefit expires at age 65, with some exceptions.
The Children's Insurance benefit offers the ability to add term life coverage for your children between the ages of 15 days and 17 years old. This coverage can be converted to permanent insurance at the expiration date. The coverage expires when the primary insured reaches the age of 65, or when the child reaches 25 years, whichever comes first.
