Affordable Term Life Insurance
Mississippi Farm Bureau Insurance offers Term Life Insurance plans through Southern Farm Bureau® Life Insurance Company that will fit your budget and your temporary needs.
With three term plans available, there’s one that may be right for you, whether it’s protection until your kids are through college, to cover your mortgage or for your business insurance needs. Premier Term Life plans are non-participating products. There is no cash value and no dividends.
Whatever your situation, let your Mississippi Farm Bureau Insurance agent find the coverage best suited for you and your family.
Why Term Life Insurance?
Premium is often the deciding factor when selecting the type of life insurance to purchase. Our term life insurance products offer pure insurance protection and are generally more affordable than permanent protection, given they do not build cash value.
While a permanent plan may be the best solution to cover your needs, there are times when the dollars are not available for permanent protection. Covering your needs is what’s important. Ask your Farm Bureau Insurance agent to review your insurance program. Term life insurance may be right for you.
Securing your family’s financial future at your death is a responsibility that must be taken seriously. Your term insurance policy pays an income tax-free death benefit to your beneficiary at your death, which is the most important part of your term plan because…
“Life insurance isn’t for the people who die. It’s for the people who live.”
Term Life Plans
10YT Premier (Ten Year Term Premier)
The 10YT Premier plan offers a level death benefit at amounts of $100,000 or greater. Premiums are guaranteed and level only for 10 years. The policy is annually renewable to age 95 and the premiums increase annually after 10 years. The policy may be converted to a fixed premium permanent life insurance policy during the first 5 years without proving insurability, provided no additional benefits or riders are requested at the time of conversion. All Term Life Plans are nonparticipating and do not earn dividends or build cash value.
20 YT Premier (Twenty Year Term Premier)
The 20 YT Premier Plan offers a level death benefit at amounts of $100,000 or greater. Premiums are guaranteed level only for 20 years. The policy is annually renewable to age 95 and the premiums increase annually after 20 years. The policy may be converted to a fixed premium permanent life insurance policy during the first 10 years without proving insurability, provided no additional benefits or riders are requested at the time of conversion. All Term Life Plans are non-participating and do not earn dividends or build cash value.
30YT Premier (Thirty Year Term Premier)
The 30 YT Premier Plan offers a level death benefit at amounts of $100,000 or greater. Premiums are guaranteed level only for 30 years. The policy is annually renewable to age 95 and the premiums increase annually after 30 years. The policy may be converted to a fixed premium permanent life insurance policy during the first 15 years without proving insurability, provided no additional benefits or riders are requested at the time of conversion. All Term Life Plans are non-participating and do not earn dividends or build cash value.
Conversion Option
Conversion option is an important aspect of your term insurance policy allowing the owner the ability to covert term insurance to a fixed premium permanent plan of insurance. Your term insurance policy may be converted during the conversion period based on the provisions in your policy, without proving insurability, provided that no additional benefits or riders are requested at the time of the conversion. It is wise to periodically evaluate your life insurance coverage to ensure that it meets your current needs and provides the protections you desire for your family in the event of your death. Conversion privileges are defined in the policy contract and vary depending on the plan.
Other Benefits Available
- Waiver of Premium Agreement (WP) protects the insured in the event of disability occurring before age 60, as described in the policy contract, by waiving the premiums during your disability. This benefit is available for an additional premium and subject to underwriting approval.
- Accelerated Benefit Rider (ABR) This benefit allows you to acquire a portion of the policy benefits in the event of a terminal illness. The death benefits will be reduced by the amount accelerated. Any benefits received under the ABR may adversely affect your eligibility for public assistance programs; and the benefits received under this rider may be taxable.
Term Rider Available On the Children
A Children’s Term Rider (CTR) offering $20,000 of life insurance protection may be available to be added to your policy. The CTR charges one level premium regardless of the number of children insured by the rider. All eligible children and future unborn children, after reaching 15 days old, are covered. The CTR protects the child’s insurability and can be converted, without a health exam or underwriting, to a fixed premium permanent plan of insurance for up to five times the coverage amount of the CTR. This option to convert is available subject to the provisions in the contract. Each child’s coverage terminates on the earlier of the
child’s 25th birthday or rider expiry.
Death Proceeds of Term Life Works Well for Needs Like…
- Paying off your mortgage
- Repaying other large bank notes
- Covering college costs
- Replacing the income of the breadwinner while your children are at home
- Providing child care and housekeeper service if the homemaker dies
- Caring for aging parents if the caregiver dies
- Caring for a challenged child
- Covering the loss of a key employee
Interested in learning more about how Term Life Insurance may work for you? Contact a Farm Bureau Insurance agent today to get a FREE, no risk quote.
