Term Life Insurance
Insurance Products sold by American Bank representatives are sold through the American General Life Insurance Company. Insurance products offered are NOT deposits or obligations of, insured or guaranteed by American Bank or its affiliates, are NOT insured by the FDIC or any agency of the United States, and involve INVESTMENT RISK, including POSSIBLE LOSS OF VALUE.
Life is full of changes—whether it's buying a home, welcoming a new member to the family, starting a college savings plan, funding a survivor's retirement or buying out a partner. No matter what your future may hold, it's important to make sure that your life insurance coverage keeps pace. With a Convertible Term Life policy, protecting your future is easier than ever before.
Applying for protection is simple, takes only a few minutes, and with flexible features you get the coverage that's right for you:
1. This is a level term product, thus the death benefit remains the same during term of policy. You can cancel your policy at any time by not paying the renewal premium when due.
2. Select the term that best suits your needs. Terms available through 30 years.
3. Your policy is a guaranteed convertible policy. This means at any time during the term of the policy you can convert it to a whole life policy without proof of insurability. For example, if you purchase a policy for 20 years and get cancer 3 years from now you can convert to a whole life policy without a medical exam. The premium for the whole life policy would be based on your age at time of conversion and your medical condition at the time the term policy was originally issued.
4. Premiums can be paid annually, semi-annually, quarterly, or monthly.
5. If you are diagnosed as terminally ill while the policy is in force, you can obtain an advance on the policy before death.
6. The Minimum policy face amount is $100,000. As an example, the annual premium for a $250,000 20 year term policy on a 34 year old male non-tobacco user and in good health is $214.00.
7. Within days of your application, you will meet with a registered nurse at your convenience to complete a medical questionnaire and collect a blood and urine sample. If there are no medical issues, your policy could be in place within 30 to 40 days.
8. The initial premium can be paid when the insurance company offers coverage. The applicant can decline without incurring any cost or can adjust the term and/or amount of coverage to adjust the premium to fit their budget.
For a NO OBLIGATION quote, call or email one of our licensed representatives:
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