What is Term Life Insurance?


Term life insurance insures you for a specific term or span of years. If you die during the term, your beneficiary is paid the coverage amount subject to your policy terms. Because it provides "pure" insurance without any cash value accumulation, term life insurance coverage is generally less expensive initially than permanent coverage. Term life insurance provides a great answer to the question: How will your family manage financially if you die prematurely? 

There is typically no cash value with term life insurance. At the end of the term period (7, 15, 20, 25, 30 years  etc.), the life insurance ends. However, for a specified time while your policy is in force and you are paying premiums, depending on your policy, you may have valuable rights to convert your term policy into whole life insurance. And remember that whole life insurance builds cash values.

The Advantages of Term Life Insurance 

Term life insurance helps to provide peace of mind for you and your family. It also helps you protect the assets you've worked so hard to attain. And all this security reaches up to 30 years into the future, at guaranteed level premiums that are competitively priced today.


Who Needs a Term Life Insurance Policy?

Term life insurance is for people who have a lot of responsibilities but don’t have a lot of money to spend right now, such as young families just starting out. It’s also good for people who want protection to cover a specific amount of coverage for a specific time period, such as to provide funds at death to pay off a home mortgage; to pay all final expenses and burial costs; to pay off a large personal or business loan; to replace income until the children grow up; or to provide for a child's education.