Term Life Insurance

Live life knowing your loved ones are protected with term life insurance

Find the plan that works for you

Help protect your family’s financial future with term life insurance. You can help make sure your loved ones are financially secure, and it doesn’t have to be expensive. Term life insurance provides dependable, low-cost protection for a specified period of time, and the payment amounts don’t change for the guaranteed premium period.

Compare types of term life insurance

For most people, the primary reason to purchase life insurance is to help provide for dependents in the case of your death and the resulting loss of income. To determine a coverage amount, estimate what your family members would need after you’re gone to meet immediate, ongoing, and future financial obligations including funeral, rent or mortgage, other every day bills, college, and retirement.

Then, add up the resources your surviving family members could draw upon to support themselves, such as a spouse’s income, accumulated savings, and life insurance you may already own. The difference between the two is your need for additional life insurance.

Finally, use this side-by-side guide to compare the different types of term life insurance to help you decide which policy works for you.

Quick Comparison


Simplified Term Life
Term Life
Coverage Amounts $25,000 - $150,000 $100,000 - $1,000,000
Coverage Starts Immediately if qualified 6 to 8 weeks after application if qualified
Medical Exam Not required, just a few health questions Always required
Age and Health 18 to 60 years old, with no health problems 18 to 80 years old, with some pre-existing conditions acceptable
Term Length Options 10 or 20 years 10 to 30 years
Available Through Great-West FinancialSM  Life Insurance Central

Simplified Term Life

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Term Life

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Simplified term life insurance

What is simplified term life insurance?

Simplified term life insurance is just that — simple. No medical exam is required. You just need to answer a few health questions. Coverage starts immediately if you qualify. Because Simplified Term Life insurance is issued with only limited medical information the policy costs are typically higher and certain restrictions generally apply.  Those willing to undergo more extensive medical testing may benefit from fully underwritten term life.

Simplified term life insurance is provided by Great-West FinancialSM , our chosen online simplified term life insurance provider.

Simple to qualify

  • 18-60 years old and no health problems
  • No medical exam, just a few health questions
  • Coverage starts immediately if you qualify

Simple terms and coverage options

  • 10-year or 20-year terms
  • Coverage amounts ranging from $25,000 to $150,000
  • Add $5,000 of coverage on each of your children for $1.50 more per month

Simple, online process

  • See the cost of your desired coverage in just minutes
  • Purchase online for immediate coverage if qualified

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Term life insurance

Term life insurance is provided through Life Insurance Central® , the agency we have chosen to help you understand how much coverage you might need, compare term life quotes from multiple insurance companies, and purchase a policy.

With fully underwritten term life insurance, your rates are lower and available coverage amounts are higher than with simplified term life insurance. Amounts range from $100,000 to $1 million and coverage terms range from 10 to 30 years. And fully underwritten term life insurance requires a more thorough process to qualify, including a medical exam.

The medical exam helps underwriters determine how much to charge for your term life policy, so the cost of your term life insurance may vary depending on your health.

Customizable term life options

  • Coverage amounts ranging from $100,000 to more than $1 million
  • Coverage terms of 10, 15, 20, 25 or 30 years
  • Lower premiums than other life insurance options, including simplified term life

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Or, call a Life Insurance Central agent at 1-888-915-8376 ext. 7000 Monday through Friday from 9:00 a.m. to 7:00 p.m. Central Time.

Life insurance questions

What is term life insurance?

The “term” in term life insurance refers to the period of time you want to keep continuous coverage without the risk of an increased premium. The full value of the policy is paid to the person or beneficiary you choose if you die during the plan’s term. Terms are usually between 10 to 30 years.

I already have life insurance through my employer. Why do I need more?

Group life insurance coverage provided by your employer is a great benefit, but may not provide enough protection for your family, and you may not be able to keep your coverage if you change jobs. By comparing quotes and the different types of term life policies available, you'll see how much additional life insurance you can obtain within your budget to protect your loved ones.

Is there a waiting period before the term life insurance policy goes into effect?

Term life insurance policies require medical exams, so the approval process can take six to eight weeks. However, once your life insurance policy is in force, there is no waiting period. Policies have some exceptions, so be sure you understand them before purchasing a policy.

Will my premium go up every year?

No, your premiums are guaranteed not to go up during the specified term as long as premiums are paid according to policy specifications.

Can the company cancel my coverage if I get sick after my term life insurance policy is in effect?

Term life insurance coverage cannot be canceled as long as premiums are paid according to policy specifications.

How much coverage should I purchase?

In most cases, if you have no dependents and have enough money to pay your final expenses, you may not need life insurance.

If you have dependents, consider buying enough life insurance so that, when combined with other sources of income, it will replace the income you now generate for them. Here are some additional things to keep in mind as you make your decision:

  • How many children do you have and how old are they?
  • Who primarily cares for your children? Would that change after your death?
  • Do you already have college funds and retirement savings?
  • Does your spouse work? Would that change after your death?
  • What will it cost to pay off your home mortgage and other debt?
  • What will it cost for your family to maintain its lifestyle?

What types of payment plans are offered?

For simplified term life insurance, you can choose to have your payments automatically deducted from your bank account or choose from monthly or annual credit card payments.

For term life insurance, a variety of payment options are available, including having your payments automatically deducted from your bank account, monthly or annual credit card payments, and direct bill. Options vary by insurance company.

How long can I keep my coverage?

The length of your life insurance coverage is based on the policy’s term. For example, if you purchase a 10-year plan, you are covered for 10 years as long as your premiums are paid.

Rates are guaranteed during the term period selected, but life insurance coverage may be available beyond the initial term length at increased premiums. Term life insurance is not available to people over age 80.

Who should I call if I have questions about my existing simplified term life insurance policy?

If you have questions about your simplified term life insurance policy, please call Great-West FinancialSM at 1-800-222-9197 Monday through Friday, from 8:00 a.m. to 5:00 p.m. Central Time.

Who should I call if I have questions about my existing term life insurance policy?

If you have questions about your term life insurance policy, please call Life Insurance Central® at 1-888-915-8376, ext. 7000, Monday through Friday, from 9:00 a.m. to 7:00 p.m. Central Time.

What if I am not completely satisfied when I receive my simplified term life insurance policy?

If you are not satisfied for any reason, you can cancel your policy within 30 days of receipt of your approval to receive a full refund.

What if I am not completely satisfied when I receive my term life insurance policy?

Most carriers allow you to cancel your life insurance policy within 10 to 45 days.

Not required, just a few health questions

Approval may depend upon answers given in the application and the truthfulness of those answers.

Great-West Life

Simplified term life insurance is provided by Great-West FinancialSM .

Life Insurance Central

Term life insurance is available through Life Insurance
Central® .