20-year Term Life Insurance
Term Insurance: What is it?
Term insurance is a form of temporary life insurance that can cover you for a predetermined amount of time. Insuring periods (terms) for these policies can be just one year or all the way up to thirty year, depending on the policy.
Why are these policies used?
There are various reasons to use a term policy; the first and foremost being the affordability of this type of protection. Term insurance is ideal in situations where additional security is needed or when the coverage is necessary for a specific amount of time. An example of the latter would be if you were to purchase a policy to safeguard your family against a significant form of debt, such as a home mortgage or car loan.
Are there different types of term insurance?
Yes. The world of term insurance consists of many different policies with level, increasing and decreasing death benefits. You would purchase coverage with a level death benefit in situations where you are looking for stable premium payments. Whereas decreasing term protection is useful for a decreasing obligation like a home mortgage or car loan. “Credit life insurance” is generally decreasing term coverage.
What is the Eagle's Span?
ELCO's Eagle Span is a 20-year term policy with a level death benefit. This protection can be purchased as stand-alone coverage or as a rider on our Golden Eagle (traditional whole life).
Are there any riders available with this policy?
Yes! You can purchase a waiver of premium rider that will cover any remaining premium payments during the 20-year period* if you become and remain disabled. You can also buy an accidental death benefit rider that will provide an additional death benefit equal to the original face amount if the cause of death is accident related.
Are you eligible?
ELCO's underwriting consists of a simple telephone interview that generally determines your eligibility—no medical exams are ever required. In some instances, additional underwriting may be required. You can purchase this protection if you are between the ages of 16 and 80 and are seeking a death benefit of at least $50,000 but not greater than $300,000.