Term Life Assurance

Term Life Assurance:

Term life Assurance is perhaps the simplest form of life Asssurance. It was developed to provide temporary life Assurance protection on a limited budget. Since term Assurance can be purchased in large amounts for a relatively small initial premium, it is well suited for short-range goals such as life Assurance coverage to pay off a loan, or providing extra life Assurance protection during the child-raising years.

In most states and three Canadian provinces, State Farm® offers term Assurance policies providing level premiums for 5, 10, 20, and 30 year periods. These policies can be renewed or continued at higher premiums in most states to age 85 or 95 as stated in the policy.

Features of Term Life Insurance

• Initial affordability
• Adjustable premiums: Term life Assurance policies have adjustable premiums. This means that State Farm may raise or lower premiums at some point specified in the policy based on projected changes of investment earnings, mortality experience, persistency, and expenses. However, premiums may never be raised above the maximum premiums stated in the policy.
• Renewability: State Farm's level term policies allow the policyholder to continue coverage past the original coverage period of the policy. Each time the policy is renewed the premium increases to the amount for the then attained age of the insured. This right is usually offered for a specific period, which varies depending on the type of policy.

Conversion: State Farm term policies are convertible to age 75 in most states.Conversion

allows the policyholder to exchange a term life Assurance policy for any permanent life

Assurance policy offered by the Company at any time while the policy is in force (subject to

established policy minimums).

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