Term Life insurance is well-suited to meet high, buy information pills short-term protection needs for the lowest initial cost. For example, medicine a couple with young children and a mortgage might select Term Life insurance as an affordable way to get the full coverage they need immediately.

Term Life insurance coverage can do a good job of meeting immediate needs and may provide the opportunity to later move or convert to permanent Life insurance without having to provide proof of health.

A Term Life insurance policy can be used at death to provide funds to:

  • Create an estate for heirs.
  • Pay off a mortgage.
  • Pay taxes owing on an estate.
  • Pay off business loans and lines of credit.
  • Pay off personal loans.
  • Fund buy-sell agreements.

Understanding that each person’s Life insurance coverage needs are unique, Favas Insurance offers several different Life insurance plans, so along with your adviser, you can choose the one that best meets the individual needs of you and your family – no matter what stage of life you are currently at.

Term plans may also be renewable after 5, 10 or 20 years, also without having to provide proof of health. The price increases as appropriate for age at renewal. A Term 10 plan can be converted to a Term 20 plan between the first and fifth policy anniversary or the insured’s 65th birthday, whichever is earliest. Term Life insurance can be purchased as an initial step before purchasing Permanent Life insurance. It’s components include:

  • Affordability.
  • Premiums guaranteed to remain the same for 10 or 20 years depending on your needs.
  • Guaranteed premiums for each renewal period (at the time of issue).
  • No medical evidence required at renewal period (medical evidence may be required if coverage amount increases).
  • Ability to convert to a permanent Life insurance policy.
  • Your personal health and lifestyle determines the premium for your insurance coverage: You are rewarded for living a healthy lifestyle.
  • Insured controls coverage.
  • Coverage, once validly obtained, can’t be canceled or altered while premiums are being paid.
  • Multi-purpose coverage.


    • Let us also help you with
    • Capital Benefits, Tax-exempt Accumulation, Policy Withdrawals, Policy Loans & Leveraging
    • Collateral Insurance
    • Estate & Trust Planning with Offshore Insurance and Annuities
    • Executive Compensation
    • Immediate Annuities
    • Insured Annuities
    • Key Person Insurance Protection
    • Planned Giving
    • Special Risk Underwriting for Athletes, Entertainers & Others
    • Split-dollar Insurance Arrangements
    • Structured Settlements
    • U.S.A. and Worldwide Medical Care Access Insurance
    • Viatical Settlements

    We look forward to welcoming you to Favas Insurance.