Serot Group

Our first product spotlight is focusing on term life insurance. With this we hope to touch on the basics of each product as we shine our spotlight on them. As always you can reach out to our team with any questions.

Term life is probably the most straightforward class of coverage. You simply select a death benefit amount then pay the premium necessary for the time you elect to be covered. Common term lengths are typically 10, 15, 20 or 30 years. Some carriers have now added the option for a 40 year term policy for those under a certain age threshold.

example: a $500,000 term policy for 30 years of coverage may cost a 35 year old female about $29 monthly. Over the next 30 years, so long as that individual pays their premiums they will have $500,000 in life insurance coverage payable on death. After 30 years this policy would no longer provide any death benefit or require any premiums unless the policy is converted. Converting is the ability to turn a term life policy into some sort of permanent life insurance. Each product is different in if/how it can be done.

Please see our website serotgroup.com under “Life Insurance” for a term price estimate chart by age & s*x.

When is term insurance right for you?

Because term has a set start and end date it’s often used during important times in someone’s life. Common lengths would be 20 years in the event of a newborn child, 30 years during the life of a mortgage and many other lengths during a family‘s most vulnerable financial times. It is the most commonly supplemented type of policy. Perhaps your needs are best met with a permanent policy with an additional term policy during some of those years.