Principal, LifeNet Insurance Solutions, Redmond, WA
I believe you are speaking about the Prudential term product which has both term "essential" and term "elite". The former product is the lower in cost, while the "elite" coverage has certain advantages should you wish to convert in the future. I believe the less expensive model works for most people, although its a good idea to be aware of both.
Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
Term Essential is just the name for the term life insurance product from Prudential Life.
Every carrier assigns names to their products, but with term insurance, the product is pretty black and white - if you die during the life of the policy, it pays out a death benefit. If you're still living when the term period guarantee expires and you decide to terminate the coverage, that's the end of it. There is nothing to cash out with term insurance products as they do not build cash value.
Most people will terminate the coverage at the end of the term period or replace it with a new term or permanent life insurance policy. It's important to review your life insurance program with a life insurance broker periodically to make sure what you have is still the most suitable item for you. As our needs change over time, so does our coverage needs.
I hope the information is helpful - please feel free to contact me for help with your coverage and if you have any other questions. Thanks very much.
Term Essential Life Insurance is the lower cost of two term products offered by Prudential. It comes in 10, 15, 20 and 30 year level term, with 30 year term often its sweet spot. It is convertible to permanent insurance to at least age 65. Term Essential Life requires a minimum face amount of $100,000.
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Every carrier assigns names to their products, but with term insurance, the product is pretty black and white - if you die during the life of the policy, it pays out a death benefit. If you're still living when the term period guarantee expires and you decide to terminate the coverage, that's the end of it. There is nothing to cash out with term insurance products as they do not build cash value.
Most people will terminate the coverage at the end of the term period or replace it with a new term or permanent life insurance policy. It's important to review your life insurance program with a life insurance broker periodically to make sure what you have is still the most suitable item for you. As our needs change over time, so does our coverage needs.
I hope the information is helpful - please feel free to contact me for help with your coverage and if you have any other questions. Thanks very much.