Page 7 - Life Assurance

erage is tailored to meet the need for which
the insurance was designed.

Since the face amount of decreasing term
insurance is, on the average, considerably less
than the face amount involved in a level-term
contract, the premium is correspondingly lower.

Decreasing-term insurance is also employed
in the family income policy (discussed below).

Convertibility most term insurance policies
are convertible into a payment form of coverage
at or before the date of their expiration, without
evidence of insurability. In this way persons may
take out term insurance with the idea of
maximizing their coverage during a period when
their protection needs are at a maximum, and
then convert their insurance to a permanent
form of insurance for use in later years.

5/1/3 Whole Life Insurance:

Whole life insurance may be kept in force
for as long as desired or until the contract
expires, which is never past age 100. A cash
value is built up.

There are many different ways of arranging
premium payments for whole life insurance,
ranging from continuous installments over a
person's entire to a single installment (single
sum).

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