How term life works for you

Your term
With Aviva term life insurance, you have the choice of getting a policy for a term of 10 years, 20 years or 30 years. This is often called level term insurance because the monthly premium you pay is constant and guaranteed at a specific level. You can also get an Annual Renewable Term in which case the policy expires every year unless you renew for the next year. Under a typical Annual Renewable Term policy, the premium is guaranteed at a specific level in 10-year increments.

Your coverage
The minimum value of your policy can be $50,000. This amount will depend on what you want covered in the event of your death. Some things to consider when thinking about the value of your term policy: mortgage, credit card debt, car and education loans, childcare, college education for dependents and funeral costs. Also be sure to consider the replacement of your income if others depend on it for day-to-day living expenses.

Your beneficiary
The beneficiary is the person or persons who receive the benefits (the value) of the policy upon your death. You will name those persons when you purchase the policy, and you can change or add them as needed.

Your premiums
The amount you pay is determined by several factors: your age, the length of the term, and the amount the policy would pay out (the face value). Your health is also a factor as you will need to take a physical exam.

Why sooner is better

Convert later
With a term life insurance policy from Aviva, you can always convert it to an Aviva universal life policy with all of the benefits of a permanent policy when your needs and budget call for it.

Younger is cheaper
People often postpone purchasing life insurance when they’re young. But life insurance is cheaper when you’re younger and healthier. Therefore a little planning now can save you a lot of money later.

All tax related information contained herein is based on our current understanding of federal tax laws as they relate to life insurance or other subject matter discussed. These laws are subject to change in the future. Neither Aviva nor its representatives offer legal or tax advice. You should consult a personal tax advisor on any tax matters. In order to comply with certain U.S. Treasury regulations, please be advised of the following: Unless expressly stated otherwise, any U.S. Federal tax advice contained in these materials is not intended or written to be used, and cannot be used, by any person for the purpose of avoiding any penalties that may be imposed by the Internal Revenue Service. Products issued by and all policy benefits are the responsibility of Aviva Life and Annuity Company, and not that of any other insurer or company.

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