Even with term life insurance, the need for coverage can vary drastically. Securing your children’s education may be important for the next 15 years, but paying down a mortgage might be a priority for the next 20 years. Your need for term life coverage can decrease as you become more financially secure over the years; however, you need a plan that can address both where you are now and where you plan to be tomorrow.
Gleaner Life Duration Term provides coverage when it’s needed most with up to four concurrent term certificates of varying length, which allows premiums to decrease over time. This “ladder approach” provides higher life insurance coverage now and less when the need for coverage decreases. That means a 15-year certificate may secure your children’s college education, a 20-year certificate may cover your mortgage and a 25-year certificate may provide security for your loved ones. In addition, by electing the Waiver of Premium rider, Gleaner will waive the obligation to pay premiums if the primary insured becomes disabled.1
Minimum death benefit: $50,000
Maximum death benefit: none (subject to Home Office approval)
Accelerated Death Benefit: In the event of a terminal illness, this feature allows the primary insured to receive up to 50% of the certificate’s death benefit in advance (subject to a maximum of $500,000). Included at no additional charge.
Conversion Privilege: This valuable benefit allows you to convert your certificate to a Gleaner permanent cash value insurance certificate before age 71 without proof of insurability. Included at no additional charge.
Multiple Certificate Discount: This feature allows you to purchase multiple certificates with one, unified premium payment and policy fee.
- Ten-year guarantee (lower premium rate)
- Full guarantee (guaranteed level premiums for the entire term)