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Murray, Schoen & Homer Inc.
71 North Avenue
New Rochelle, NY 10801
Tel: 914-632-8989
Fax: 914-632-9170
email MSH
Term Life Insurance – The Basics
Term life insurance provides a death benefit only. It does not build cash value.
Three Types of Term Insurance
Annual Renewable Term
Death benefit remains level. Premium increases annually since there is an increased likelihood of death.
Level Term
Both the death benefit and the premiums remain level for a predefined period of time; usually, five, ten fifteen, or twenty years.
Decreasing Term
Tax-deThe death benefit decreases each year even though the premiums remain level. This type of term is often used to cover a mortgage or other loan with a decreasing balance.ferred growth of cash value.
Characteristics of term insurance
• Low cost in the beginning
• Premiums increase over time
• Can help to meet specific short-term needs.
• Has no cash value
• Lasts a specific period of time...no more; no less.
Independent insurance brokers providing personalized financial planning and insurance services including homeowners insurance, business insurance, professional liability and group medical benefits. Murray, Schoen & Homer Inc is a New York State licensed insurance agency located in New Rochelle, NY and serves the surrounding Westchester County communities including Larchmont, Mamaroneck, Mt. Vernon, Harrison, Eastchester and Pelham, New York.
As a licensed entity in the State of New York we want to notify you that this is not an offer to sell insurance or an
advertisement of insurance anywhere except the State of New York, United States of America.