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Being able to offer insurance and financial products and services from a wide variety of providers enables World Financial Group to offer customized solutions based on its clients’ individual needs and goals. World Financial Group company associates work with their clients to educate and help them develop strategies to build a stronger financial future.

Annual Renewable Term insurance is one of the many options that these clients have available to them. It is only one of many options, and it is necessary to understand all the options to have a better idea of what will be best for you and your family.

First Things First - Understanding Term Insurance

Annual Renewable Term insurance, also known as ART insurance, is a type of term life insurance. However, before getting in to the specific details about ART insurance, it is important to understand what term life insurance is in general.

As the name implies, term life insurance is only valid for a predetermined period of time or “term”. The death benefit of the policy — the amount paid to the policyholder’s beneficiaries — is only be paid out if the policyholder passes away during that term. After the policy’s expiration date, the policyholder may be able to reapply for a new contract, but it will be for new coverage based on the current age and health of the policyholder and at current insurance rates.

A benefits of a term policy is that the premiums are set at a consistent rate and are paid according to a predetermined schedule, which makes it easy to plan and budget for the monthly payments. The premiums are typically lower than those of permanent insurance policies, although the policy may cost more in the long run, if the policyholder outlives his or her contract.

The Specifics of Annual Renewable Term Insurance

ART insurance is better for short-term needs, since the policy only covers the insured individual for a certain number of years, usually between 10 and 30. These policies differ from traditional term policies, however, because the premiums are paid on an annual basis and the contract is renegotiated every year. This means the premium will increase over time, since the insurance company bases its term insurance premiums partly on the age of the policyholders.

There are many different types of life insurance products available to consumers. It’s important to know your options before making a decision on what type of policy will best suit your needs.

Tax and/or legal advice not offered by World Financial Group, Inc. or its affiliated companies. Please consult with your personal tax professional or legal advisor for further guidance on tax or legal matters.

World Financial Group, Inc. (WFG) is a financial services marketing company whose affiliates offer a broad array of financial products and services. Insurance products are offered through World Financial Group Insurance

Agency, Inc. (WFGIA) or its subsidiaries. In California such services are provided under the name World Financial Insurance Agency, Inc. WFG and WFGIA are affiliated companies.

Headquarters: 11315 Johns Creek Parkway, Johns Creek, GA 30097-1517. Phone: 770.453.9300.