Term Life Insurance
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- Term Life Insurance
This affordable, simple coverage helps protect your family by replacing your lost income in the event of a death. Term life lasts for a specific amount of time and its payments will never increase.
Term life coverage may be right if you:
- Require coverage for a certain period, such as until your children are grown
- Want to help your family maintain their lifestyle or stay in their current home if you’re no longer around
- Need to make sure debts, such as a car loan or credit card, are paid off
- Are just entering your prime earning years and need an affordable premium
What is included in a term life insurance policy?
- A fixed death benefit pays your beneficiary if you pass away during the term.
- High coverage amounts relative to the price that may replace your lost income.
- Premiums will never increase throughout the life of the policy.
- Option to convert to a permanent plan
Term Life Insurance Policies
- Customized terms: 10-, 15-, 20- and 30-year terms available
- Policy issue ages: 18 – 80*
- Benefit amounts: $100,000 plus
- You have the option to convert your coverage Cash Value plan
While whole life and term life have fixed premiums that never increase, whole life provides coverage for the rest of the insured person’s life, whereas term only provides coverage for a fixed period. Whole-life policies also often accumulate cash value over time, while term life does not. However, term life has a substantially lower premium per dollar of coverage, typically more coverage available.
Term life and universal life are substantially different products: universal life has a variable premium and death benefit amount, whereas the term is fixed. Universal life is a permanent life insurance product, whereas term life only lasts for a certain period. In essence, universal life combines protection with investment potential (and some accompanying risk), whereas term life provides simple, reliable protection for the period when it is most needed.
Term life insurance is the most affordable life insurance product per dollar of coverage, which is why it’s often a preferred option for people just entering their prime earning years to protect against loss of income. In addition to the death benefit amount, factors that may affect the price include your age at the date of issue, gender, term duration, overall health, and tobacco use.