Pelham
Term Life Insurance

Throughout your life, your life insurance needs can change dramatically as you reach some life milestones. Purchasing a house, getting married, having child, starting a business, starting a new job, or getting a promotion to name a few. It is important to review your life insurance needs regularly to ensure you are properly protected. Updating your coverage may be as simple as converting your policy to a longer term or permanent coverage, or you may find out it’s time to update to a higher amount for a growing need.

The answer to this question is simple – the sooner the better! If you were to die, you wouldn’t want to leave your loved ones with the financial burden of your debts, taxes, funeral expenses and loss of income. Age is a key factor in determining the premiums you will pay for your life insurance, so by getting life insurance now, you are able to lock in at a lower rate, especially if you are relatively young and healthy!

The premiums on your life insurance policy will be locked in for the term of the policy. So, for example, if you have purchased a 20 year term life insurance policy, your premiums won’t change for 20 years! After the expiry of the first term, your policy can be renewed, but at a much higher premium. But don’t worry, we will be sure to review your other options available to ensure your policy continues to match your needs!

Life insurance premiums are calculated based on your coverage amount, policy term, age, gender, smoking status, medications, medical and personal history such as health, occupation, hobbies, and family history. There is a lot that goes into a life insurance quote, so premiums can be quite different from person to person.

If a claim has to be made on a life insurance policy, contact us at Hometown Life Insurance and we will assist you through the process. We will submit the information to the insurance company and monitor for any further requests, to get the claim paid out as quickly as possible.

Yes, term life insurance can be cancelled at any time. Since there is no cash value in the policy, it will simply lapse with no additional costs. However, we always encourage customers to seriously consider the reasons for cancelling their policy as they would lose their current premium rates and have to start the process from the beginning if they required coverage in the future. Please reach out to our team at Hometown to discuss your options.

Additional features or customizations of a life insurance policy are called “riders”. Some of the most common riders on term life insurance include accidental death benefit, disability waiver of premium, and guaranteed insurability rider. You can find more information on riders in our FAQ’s section or on our term life insurance pages.