Term insurance may be a good fit if your clients need extra protection for their families for a specific period of time. It is generally the most affordable type of insurance available.
Why choose our Term Series?
Since your clients can purchase term insurance in large amounts for a relatively low premium, it is well-suited for shorter-term protection goals, such as protection until a mortgage is paid off or children are through college. Proceeds can also be used for final expenses, replacing lost income or to help transition a business.
If their needs change and they need coverage for an extended period of time, your clients can convert the coverage to a permanent policy.
For level term, clients can convert:
- Term 10: before the 5th policy anniversary but not beyond the insured's 70th birthday.
- Term 15: before the 7th policy anniversary but not beyond the insured's 70th birthday.
- Term 20: before 10th policy anniversary but not beyond the insured's 70th birthday.
For Annual Renewable Term (ART) clients can convert before the 5th policy anniversary but not beyond the insured's 70th birthday.
Financial Professional materials
Our Term Series is basic life insurance for which your clients will pay level premiums for a specific period of time – 1, 10, 15 or 20 years – or they’ll pay premiums that are renewable and will increase each year as they get older. It pays a guaranteed death benefit to your clients’ beneficiaries that is generally income-tax-free, if they should die during that time period.
Term Series conversion2
When clients exercise their conversion privilege, Equitable Financial will apply a credit toward the first premium on the new policy to reduce the initial out-of-pocket cost. This credit is guaranteed during the conversion period and can help make the transition to permanent insurance more affordable.
Clients who convert in the first 5 policy years receive a 125% conversion credit. This is a 25% increase from the normal term conversion credit that will continue to be credited to policies converted beyond policy year 5. Plus, clients have the option to apply to add our Long-Term Care Servicessm Rider.3
Why should clients convert from term to permanent life insurance?
- They won’t have to answer more health questions or undergo a medical exam.
- They can potentially build cash value with a permanent policy.
- Their first year permanent policy premium will generally be reduced.
1 All riders are subject to the terms and conditions of the rider. All riders may not be available in all jurisdictions. Some states may vary the terms and conditions. There may be an additional charge associated with obtaining certain riders. Some riders may not be available in combination with other riders and/or policy features. Only automatically included qualified plan riders are available with TermOne®.
2 A conversion credit is not available for TermOne® policies.
3 See Term Conversions section of the Term Series 160 Product Guide for how the term conversion credit is determined. A conversion credit is not available if premiums or charges for the new policy will be waived under the terms of a rider providing disability waiver benefits. Conversion credit is not available for TermOne® policies. Policies converted within the first policy year will receive a prorated conversion credit subject to terms and conditions of the policy.
4 After five years, we reserve the right to limit the permanent product offered.
Term Series products are issued in New York and Puerto Rico by Equitable Financial Life Insurance Company, NY,NY; and in all other jurisdictions by Equitable Financial Life Insurance Company of America, an Arizona stock corporation with its main administrative office in Jersey City, NY. Distributed by Equitable Network, LLC (Equitable Network Insurance Agency of California, LLC in CA; Equitable Network Insurance Agency of Utah, LLC in UT; and Equitable Network of Puerto Rico, Inc. in PR); and Equitable Distributors, LLC, NY, NY. When sold by New York state-based (i.e., domiciled) Equitable Advisors financial professionals, Term Series products are issued by Equitable Financial Life Insurance Company, 1345 Avenue of the Americas, New York, NY 10105.
TermOne® is a registered service mark of Equitable Financial Life Insurance Company. TermOne® is issued by Equitable Financial Life Insurance Company in all jurisdictions. TermOne® is also issued by Equitable Financial Life Insurance Company of America (Equitable America) in all jurisdictions except NY and PR.
Contract form #s: Level Term Policy Form #s ICC14-156-LT, 156-LT, or state variation. ART Policy Form #s- ICC14-156-54, 156-54, or state variation. TermOne® Policy Form #s ICC07-148-51, 148-51, or state variation.