A term life insurance policy is a policy that will be in effect for certain time period – in our case either 10 or 20 years – and will expire when this term ends.
A whole life insurance policy is a policy that will be in effect for as long as you live and will never expire.
You can view a complete sample of the 10 and 20 year term policy and of the whole life policy. For your convenience, we summarized the main benefits below:
30-Day Money Back Guarantee
In case you change your mind in the first 30 days of the policy and want to cancel it, just call us at (855) 966-1111 and we will send you full refund of the premium payment. No questions asked and no reason required.
No Doctor’s Exam Required
You do not need a doctor’s exam to qualify for a life insurance policy with American Century. All you have to do is answer few questions about your health status on the application form.
Premiums Never Increase
Your premium (or premium schedule for the Life Term plan) is set when you purchase the policy. Your monthly premium is based on your age, gender, and the amount of insurance you purchase. From that point forward it will remain the same as long as the policy is in effect and premium payments are made as scheduled.
Benefits Never Decrease
The benefits, like your premium, are set when you purchase the policy. This amount cannot be decreased by us. If you decide later on that you would like to increase your benefits, you can apply for additional benefits with us.
Full Immediate Benefits
For most of our plans there is no waiting period. You are covered for full amount of the benefits as soon as the policy is issued. Check the specific plan you are interested in to make sure you understand the benefits of the policy.
Funds Can Be Used for Any Purpose
The beneficiary of the policy will receive the benefits when a claim is received. The beneficiary can use these funds to pay for funeral costs or any other purpose, including rent, and bills.
Tax Free Benefits
The benefits that will be paid on the policy are tax free in most cases. However, this is not a tax advice and please check it with your tax adviser.
Coverage Never Canceled for Health Reasons
Your health may change. Your coverage doesn’t. Once the policy is issued and all information provided to us is accurate, your policy cannot be cancelled regardless of any changes that may occur in your health as long as premiums are paid on time.