Term Life Insurance 

 

Why do you need term life insurance?

  • You need protection for a short period of time, say the four years your child is in college.
  • You need protection, but you have a lot of demands on your financial resources.
  • You want to protect the lifestyle your income provides for your family. If two incomes are involved, consider protecting both of them.
  • You need to replace the financial contribution of a non-working spouse.
  • Your bank wants you to own life insurance in order to loan you money; perhaps to expand your business.

Overview 

Term 80 

Term 10 

Level Term 20 

Level Term 10 

Contact Us 

Term Life Insurance Overview

Term life insurance provides coverage for a limited period of time. With premium payments, beneficiaries get the proceeds if you die during the term of the policy, generally income tax free.

There are generally two types of term life insurance policies.

  • Annually Renewable Term Life Insurance
    Premiums start out lower than level term premiums and increase each year.


  • Level Premium Term Life Insurance
    Premiums are initially higher than annually renewable term but remain level for a set period of time, normally 10 or 20 years, then the contract ends. A new policy can be applied for at a higher rate as long as you still qualify.

A Northwestern Mutual term life insurance policy provides a time frame during which you can convert to a permanent policy, which is guaranteed to last for your entire lifetime at a guaranteed level premium.

When to Use Term Life Insurance

  • The need for insurance is temporary.
  • A large amount of coverage for the smallest amount of money.
  • Lower premiums allow you to buy higher levels of coverage at younger ages.

Disadvantages of Term Life Insurance

  • If coverage ends, replacement will likely cost more.
  • A term life insurance policy can become more costly than owning a permanent life insurance policy and may be too costly to continue at some point in the future.
  • Term life insurance policies have no cash value.

NMFN-TL-001 (1209)

Term 80

Term 80 insurance is designed for buyers who anticipate needing life insurance coverage for a long time but cannot afford a permanent policy, and is also well suited for situations where low-cost insurance is needed – such as coverage for young families or new businesses.

The design of Term 80 allows you to convert your term life insurance policy to permanent insurance without providing further evidence of insurability. Term 80 has the longest conversion period of all our term life insurance products.

Northwestern Mutual provides life insurance solutions of all types to fit your varying needs.

Death Benefit

  • Provides a death benefit to age 80.

Conversion Rights

  • May be converted to a permanent single life insurance plan without additional proof of insurability.*

*See policy for specific details on age ranges, partial conversions rights and minimum amount requirements.

Premiums

Premiums are payable for the entire coverage period. Scheduled premiums start out low, increase annually, and are guaranteed for the first five years of the policy. After five years, they may increase above the scheduled rates, but not beyond the guaranteed rates specified in your contract.

Specifications

  • Issue Ages: 18-65
  • Minimum Policy Size: $100,000

Optional Policy Benefits

  • Waiver of Premium
  • Indexed Protection Benefit
  • Indexed Protection Waiver

NMFN-TL-002 (1209)

Term 10

Term 10 is a sometimes appropriate for those needing significant amounts of term life insurance coverage for limited period of time at a minimal cost.

If your business is growing or if your personal lifestyle is changing due to increased financial responsibility, you may want to consider a Term 10 policy.

Death Benefit

  • Provides a death benefit for 10 years.

Conversion Rights

  • May be converted to permanent life insurance during the first three years of the policy without providing additional evidence of insurability.*

*See policy for specific details on age ranges, partial conversions rights and minimum amount requirements.

Premiums

  • Payable for the entire coverage period. Scheduled premiums start out low, increase annually, and are guaranteed for the first five years of the policy.

Specifications

  • Issue Ages: 40-70
  • Minimum Policy Size: $250,000

Optional Policy Benefits

  • Waiver of Premium

NMFN-TL-003 (1209)

Level Term 20

Level Term 20 meets your temporary coverage needs by offering larger amounts of term life insurance for limited periods of time. When death benefit protection becomes increasingly important during times of greater financial responsibility, Level Term 20 offers an affordable temporary term life insurance strategy.

Premiums for Level Term 20 are guaranteed to remain level for 20 years. The level premiums offer you the ability to budget and plan your insurance costs while providing for your short or moderately long term needs.

Death Benefit

  • Level Term 20 provides a death benefit for 20 years if issued at ages 18-50. If issued at ages 51-60 (non-New York), coverage can be renewed beyond the initial 20 years, for an additional five years with increasing premiums.

Conversion Rights

  • Level Term 20 can be converted to permanent life insurance during the first 10 years of the policy without additional evidence of insurability.*

*See policy for specific details on age ranges, partial conversions rights and minimum amount requirements.

Premiums

  • Premiums are paid for 20 years. Premiums are guaranteed to remain level for 20 years. When a policy is issued between the ages of 51-60 (non-New York) and the policyowner decides to keep the policy beyond the 20th year, the premium increases annually by age.

Specifications

  • Issue Ages: 18-60
  • Minimum Policy Size: $100,000

Optional Policy Benefits

  • Waiver of Premium

NMFN-TL-004 (1209)

Level Term 10

Level Term 10 insurance is designed to cover a temporary need, yet offers 20 years of coverage. One benefit of Level Term 10 is the guaranteed level premiums for the first 10 years of the policy, which makes it easy to budget effectively and plan for future insurance costs.

This term life insurance product may be appropriate if you have a short- to moderate-term need for coverage and don’t know if you will need permanent insurance. If you have a personal need such as children in college or an outstanding mortgage or a business need such as repayment of an expansion loan, Level Term 10 may be just the solution.

Death Benefit

  • Provides a death benefit for the earlier of 20 years or age 80.

Conversion Rights

  • Level Term 10 can be converted to permanent life insurance during the first 10 years of the policy without additional evidence of insurability.*

*See policy for specific details on age ranges, partial conversions rights and minimum amount requirements.

Premiums

  • Premiums are paid for the entire coverage period. Scheduled premiums are guaranteed level for the first 10 years and will automatically renew to a higher scheduled level premium for the remaining years of coverage, but not beyond the amount specified in your contract.

Specifications

  • Issue Ages: 18-65
  • Minimum Policy Size: $100,000

Optional Policy Benefits

  • Waiver of Premium

NMFN-TL-005 (1209)

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