Term Life Insurance

When you buy a TransPacific term life insurance policy. The Company determined the premiums based on the value of the policy (the payout amount) age, gender, and health. In some cases, a medical exam may be required. 

If you pass away during the policy term, TransPacific will pay the face value of the policy to your beneficiaries. This cash benefit—which is, in most cases, not taxable—may be used by beneficiaries to settle your healthcare and funeral costs, personal debts, or mortgage debt, among other things. However, if the policy expires before your death, there is no payout. (See your policy for complete details.) You may be able to renew a term policy at its expiration, but the premiums will be recalculated based on your age at the time of renewal. Term life policies have no value other than the guaranteed death benefit. There is no savings component as found in a whole life insurance product.