Term Life Insurance
Stable rates and lower initial cost provide affordability for this insurance protection.

Term life insurance pays a benefit in case of death for a pre-specified amount of time – up to 30 years – but accumulates no cash value. First Tennessee offers two forms of Term Life Insurance:

  • Annual Renewable Term
  • Level Term Insurance

Annual Renewable Term renews every 12 months as long as the premium is paid. Although rates increase each year, insurability is guaranteed once coverage is granted. Level Term provides coverage for a set period of time, after which the insured must reapply for coverage.

Annual Renewable Term Insurance Product Features

  • Recurring one-year term
  • Rates increase annually, as insured ages
  • Potential to convert to permanent insurance without evidence of insurability

Annual Renewable Term Insurance Benefits

  • Insurability valid as long as premium is paid
  • Useful for short-term or temporary insurance protection
  • Lower initial cost than a permanent policy
  • Pays income tax-free death benefit

Level Term Features

  • Set term, such as 10, 20 or 30 years
  • To renew, insured's health, age and desired insurance amount are reviewed

Level Term Benefits

  • Rates are stable for the duration of the policy
  • Lower initial cost than a permanent policy
  • Pays income tax-free death benefit

 

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