Alyssa Lane
Term life insurance is a contract designed to cover your life for a defined length of time, typically between 10 and 30 years. Term Plus Life Insurance is a type of term life insurance that offers additional benefits, such as continued coverage after the age of 75 without further premiums, or premium refunds. It is available from providers such as OMA Insurance and Ameritas.
| Characteristics | Values |
|---|---|
| Type of insurance | Term life insurance |
| Term | Defined length of time |
| Purpose | Temporary protection |
| Coverage | Financial obligations such as a mortgage, education costs, or income replacement during the working years |
| Term length | 10, 15, 20, 25, 30, 35, or 40 years |
| Provider | Legal & General America (LGA) |
| Availability | OMA or an Atlantic medical association/society members who reside in Canada (excluding Quebec), as well as their spouses if the member applies under age 60 |
| Disability coverage | If totally disabled before age 60 for at least 270 consecutive days, premiums for basic coverage may be waived |
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What You'll Learn
Term Life Plus 75
Term life insurance is a contract designed to cover your life for a defined length of time, also known as a 'term'. Term coverage is ideal for temporary protection, made to cover financial obligations such as a mortgage, education costs, or income replacement during the working years.
One of the key benefits of Term Life Plus 75 is that after you turn 75, you will continue to receive coverage for life without having to pay any further premiums. Additionally, if you become totally disabled before the age of 60 and your total disability lasts at least 270 consecutive days, premiums for the basic coverage may be waived for as long as you remain totally disabled.
It is important to note that OMA Insurance offers premium refunds, but these are not guaranteed and depend on various factors such as claims experience, investments, and expenses.
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Term life insurance coverage length
Term life insurance is a contract designed to cover your life for a defined length of time, also known as a 'term'. Term coverage is ideal for temporary protection and can cover financial obligations such as a mortgage, education costs, or income replacement during the working years. Typically, you can get term coverage anywhere from 10 to 30 years, with 20 years being the most common. However, some insurance carriers offer up to 40 years of term coverage.
There are also Term Life Plus policies offered by certain insurance companies, such as OMA Group Term Life Plus 75 and Value Plus Term Life Insurance by Ameritas. These policies offer additional benefits or coverage beyond the standard term life insurance. For example, OMA Term Life Plus 75 provides coverage for life after the age of 75 without requiring any further premium payments.
When considering term life insurance, it is important to review the specific coverage length and terms offered by different insurance providers to ensure they align with your needs and financial obligations.
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Term life insurance for temporary protection
Term life insurance is a contract designed to cover your life for a defined length of time, also known as a 'term'. Term coverage is ideal for temporary protection, made to cover your financial obligations such as a mortgage, education costs, or income replacement during the working years. You can typically get term coverage anywhere from 10 years to 30 years, although 20 years is the most common. At Legal & General America (LGA), they offer up to 40 years of term coverage. Their term life options include 10, 15, 20, 25, 30, 35, and 40-year policies.
OMA Group Term Life Plus 75 Insurance gives you everything you want in term insurance protection, with a very desirable plus: after you turn 75, you’ll continue to receive coverage for life, without having to pay any further premiums. OMA Term Life Plus 75 insurance is available exclusively to members of the OMA or an Atlantic medical association/society who reside in Canada (excluding Quebec), as well as their spouses if the member applies under age 60. Should you become totally disabled before age 60 and your total disability lasts at least 270 consecutive days, premiums for the basic coverage (not enhancements) may be waived for as long as you remain totally disabled.
In New York, Value Plus Term (form 5021) is issued by Ameritas Life Insurance Corp. of New York. Value Plus Term life insurance protection in the state of . premiums for , age (birthday), underwriting class. Premiums are guaranteed level for the first 10, 15, 20 and 30 years respectively. Guarantees are based on the claims-paying ability of the issuing company. This quote is based on age nearest birthday. The actual premium may differ from this quote.
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Value Plus Term life insurance
Term life insurance is a contract designed to cover your life for a defined length of time, typically anywhere from 10 to 40 years. After the term ends, you can either renew the policy or let it lapse.
OMA also offers a form of term life insurance called Term Life Plus 75. This policy is available exclusively to members of the OMA or an Atlantic medical association/society who reside in Canada (excluding Quebec) and their spouses if the member applies under the age of 60. One of the key benefits of this policy is that after you turn 75, you will continue to receive coverage for life without having to pay any further premiums. Additionally, if you become totally disabled before the age of 60 and your total disability lasts at least 270 consecutive days, premiums for the basic coverage may be waived for as long as you remain totally disabled.
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Term life insurance for the disabled
Term life insurance is a contract designed to cover your life for a defined length of time, also known as a 'term'. Term coverage is ideal for temporary protection, and can be used to cover financial obligations such as a mortgage, education costs, or income replacement during the working years. You can typically get term coverage anywhere from 10 to 30 years, although 20 years is the most common.
One example of term life insurance is OMA Term Life Plus 75 insurance, which is available exclusively to members of the OMA or an Atlantic medical association/society who reside in Canada (excluding Quebec), as well as their spouses if the member applies under the age of 60. Should you become totally disabled before the age of 60 and your total disability lasts at least 270 consecutive days, premiums for the basic coverage (not enhancements) may be waived for as long as you remain totally disabled.
Another example is Value Plus Term Life Insurance, which is issued by Ameritas Life Insurance Corp. of New York.
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Frequently asked questions
Term life insurance is a contract designed to cover your life for a defined length of time, also known as a 'term'.
Term Life Plus 75 is a type of term life insurance offered by OMA Group. This gives you everything you want in term insurance protection, with a very desirable plus: after you turn 75, you’ll continue to receive coverage for life, without having to pay any further premiums.
Term coverage is ideal for temporary protection, made to cover financial obligations such as a mortgage, education costs, or income replacement during the working years.
