Term Life Insurance
StateTrust Life and Annuities offers a term life product called Lighthouse. This product offers coverage using level premiums for the duration of the policy. It does not have an investment component, and as such, it offers the insured amount at the lowest possible cost. It is particularly recommended for people who have a significant need of protection for a specific period of time, since it maximizes the cost/protection relationship. It is also a good means of protection for people who have invested all their assets in a new business that is still in the formative stages, where the death of a key participant could mean a substantial loss of resources or the total loss of invested capital. The initial premium for protection is low, compared with other types of policies. This is because it is only valid for a limited time, and it does not generate savings or investment income. Premiums may increase if the insurance policy is extended after the initially contracted period. Those who should consider a Term Life product include:
- Parents seeking to protect their families for a specific period of time.
- Companies that require temporary benefits for key executives or employees.
- Individuals who already have a life insurance policy, but wish to expand their coverage and enjoy greater cost-benefit efficiency.
- Individuals who require a significant insured amount, but have a limited budget to purchase a life policy.
- Individuals who need life insurance as collateral to a loan or mortgage.