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Term Life Insurance

Initially, term life insurance premiums are considerably lower than those of permanent life insurance, allowing you to purchase higher levels of death benefit coverage for a temporary period of time. This can be very important to young families that may have a limited budget but a significant need for a larger amount of protection. Term life insurance does not build equity in the form of cash value so it is often described as renting insurance protection rather than owning insurance protection.

How does term life insurance work?

Term Life insurance provides protection for a specific period of time, or “term” and pays a benefit if you die during the term. If the insured lives past the term period most term policies will terminate. With Kansas City Life term policies, the policyholder can choose to continue the policy at a higher premium or the insured may apply for another term or permanent policy.

This type of insurance makes sense when you need coverage for only a specific amount of time – for instance, until your children graduate from college or a particular debt is paid off, such as your mortgage. Many times, a combination of term and permanent insurance can be used to create a solution that meets a policyholder’s unique financial situation. Kansas City Life Insurance Company also has many optional riders to enhance your policy. For more information, please contact a licensed Kansas City Life Insurance Company agent near you.