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Term Insurance

It provides protection for a specified period of time, typically from one to 30 years. It pays a death benefit only if you die during this term. Some policies can be automatically renewed at the end of the coverage period, and some can be converted to permanent insurance without need for a medical exam.

There are several different types of term insurance you can consider:

Renewable Term Insurance.
These policies have a provision allowing you to renew coverage at the end of the term without having to show evidence of insurability. The company has to renew your policy even if your medical condition has deteriorated. However, the premium rate will rise with each renewal.

Convertible Term Insurance.
These policies allow you to convert your term coverage into a permanent policy without providing evidence of insurability. Premiums for convertible policies are usually higher than for nonconvertible policies. Once converted, the premiums for the permanent coverage will be higher than those of the term policy with the same death benefit. However, the permanent policy premiums will remain the same while the term premiums will rise.

Level Term Insurance.
These policies provide a fixed premium for a certain number of years, usually 10 or 20 years, while the death benefit remains unchanged. The death benefit is the amount the life insurance company will pay, as stated in the policy, when the insured person dies. The advantage is that you lock in a certain rate for the period of the policy. The disadvantage is that the premiums will tend to cost more than the earlier years of the renewable policy, and when the level policy expires, premium rates will jump considerably if you want to renew with another level policy.

Decreasing Term Insurance.
The death benefit in this type of policy decreases over its term. For example, you might start with $100,000 of coverage and the amount of coverage decreases by $10,000 each year for 10 years. The premium usually remains the same over the term of the policy. This type of insurance allows you to pay the same premium for less insurance over time, rather than have your premium increase for the same amount of insurance.

Increasing Term Insurance.
This kind of policy starts at one level of death benefit which gradually increases over the life of the policy. You may start with a $100,000 policy and increase the death benefit $10,000 each year for 10 years. The premium will increase each year. This kind of policy may be appropriate if you see your insurance needs growing in coming years because, for example, you expect to have more children.

With Permission © Insurance Information Institute, Inc. - ALL RIGHTS RESERVED -

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“Dan Lorimer and the JKM team have been tremendous to work with over the past 16 years. Not only did Dan help to identify the best mortgage rates available over time, but he and his team were also diligent in providing thorough information for our auto and home insurance options. “
- Alice J., Des Plaines, IL

“JKM's hands-on approach, knowledge, and attention to their customers' needs is truly best in the industry. We have been extremely happy with the services provided by JKM and know that Dan always has our best interests in mind regarding good, quality insurance coverage and home mortgage expertise.”
- Sheila C., Des Plaines, IL

"Dan at JKM services makes selecting insurance coverage simple. We use JKM at the start up non-profit my wife works for, as well as at the small business I help run. I was so satisfied with the services and care that was received, that I also changed over all personal coverages to JKM! Unlike other companies, with Dan and JKM, I never feel like I am being "sold" something, and I know my best interest is always in mind."
-Jordan B., Oak Park, IL

"Dan at JKM Services is of great value to me and to anybody I have referred to him.  Since about 1995, Dan has assisted me [with minimum hassle] with a few refinances, my will/trust, I insure my home and auto through him, as does my daughter.  And for my business, he has arranged our health insurance for us. He has also referred me to an accountant which I count on heavily during tax season.”
-Hope D., Morris, IL

“I have recently refinanced my home using JKM services. I am very pleased I had Daniel J Lorimer to get the job done. My brother had recommended Dan. Both my brother and I were very satisfied. If needed I would use their services again.”
- John R., Bridgeview, IL

“I highly recommend JKM Services, Dan has help us with Home, Auto, and now Health Insurance needs. Dan goes that extra mile to make sure he can provide you with all the information you need to know in order to make important decisions with your insurance needs.”
- Larry F., Lombard, IL

“My family has been a client of Dan Lorimer and JKM Services for over 20‐years. Dan always has our best interest first and is always extremely prompt for any wishes we may have with our insurance needs. We have all our autos, homes and umbrella insured with Dan and wouldn’t have it any other way.”
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