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TERM INSURANCE

Risk Management

Our insurance professionals represent many of today’s major insurance carriers to provide life, long-term care, and disability insurance solutions for clients. 

Term Insurance

Term insurance is perhaps the most basic form of life insurance.  It usually provides affordable protection, often with a guaranteed premium for some period of time.  If the insured should die while the policy is in force, the face amount is paid to the named beneficiary.  At the end of the premium guarantee period, the insured can renew the coverage at a higher premium.

Who Should Consider Term Insurance?

• Someone seeking short-term coverage or has temporary need for protection.  Term insurance is often used as protection when a loan is taken.  A term policy can assure that the loan is repaid in the event that the insured dies.  Parents could purchase term insurance to fund a child’s college education in the event of a premature death.  Whenever life insurance is needed for a relatively short period of time, term may the solution.
• Someone who has a long-term need for insurance but limited funds to pay the premium.  Many parents need large amounts of insurance to protect their families against their premature death.  Life insurance will help replace the lost income in the event of a premature death and help the surviving spouse pay off the mortgage, educate the children and maintain the family’s standard of living.  Since term insurance is “cheap,” the parents can purchase large amounts of life insurance in a cost-effective manner.
• Business owners who want to fund a buy-sell agreement.  Many business owners have a buy-sell agreement that requires the business or the surviving owners to purchase the deceased owner's interest at death.  Most business owners fund the buy-sell agreement with life insurance. The business can purchase large amounts of life insurance in a cost effective manner.

Advantages

• The owner of the policy pays the least expensive premiums to provide the needed death benefit.  
• Usually the premiums are guaranteed to remain level for a certain number of years.
• Usually the policy will offer the ability to covert the term insurance into permanent coverage without submitting proof of health.  This privilege is usually available during the first few years of the policy. 

Disadvantages

• The owner only collects the death benefit if the insured dies while the policy is in force.  Most term policies are only in force for a limited number of years.
• Most policies offer premium that is guaranteed to remain level for a certain number of years.  At the end of the guarantee period, the premium increases substantially.  As a result of the premium increase, many owners cancel the coverage at the end of the guarantee period.

For more information, please call 601.208.8606.

Insurance products are offered through Fisher Brown Bottrell Insurance, Inc., a licensed insurance agency and wholly-owned subsidiary of Trustmark National Bank.