Protecting your family is one of the most important responsibilities you have. Does finding a way to protect them on a budget seem like an overwhelming task?
Term insurance may be the answer since it can be purchased in large amounts for a relatively low premium. This makes it an ideal solution for those on a tight budget, especially young families who often have the greatest need for protection. It is also an excellent way to provide short-term coverage when you are paying off a substantial debt like a mortgage or student loan.
Term life insurance provides affordable coverage for a specified period of time. NMB offers terms of 15, 20, or 30 years. The premiums are level throughout the entire initial term. After your term expires, you are guaranteed the option to extend your coverage regardless of any changes in your health; however, your premiums will no longer be level.
This policy allows you to switch to a permanent plan of life insurance after the first policy year. Conversion must take place before the end of the initial term or before you turn 70, whichever comes first. There is no evidence of insurability required, which may make this a good choice if your health has changed since originally purchasing your policy.
If you convert after the policy’s first anniversary, but before its sixth anniversary, a premium credit will be applied to the new policy.
If you choose to renew your policy after its initial term, premiums will be adjusted each year on the policy anniversary to reflect your age, but not any changes in your health. Your policy is eligible for renewal until age 95.