What is Term Life Insurance?

Typically the most affordable type and the simplest form of life insurance, term life insurance is a policy that is only good for a specific amount of time. You pay life insurance premiums for the length of the term, usually 5, 10, 20 or 30 years, and if you pass away during the term, your beneficiaries receive the death benefits. Once the term is over, the term life insurance policy is no longer in effect. 

There are many options for term life insurance, and it is a common product most life insurance companies offer, so it can be very affordable. Term life insurance is a good option if you want to cover specific financial responsibilities like a mortgage payment or college education. It also works well as a supplement to whole life insurance policies during times in your life when expenses are higher, like when you have dependents living at home. 

Term life insurance premiums are locked in and do not increase during the term policy, but once the term expires, the premium rate could increase if you decide to continue with another term. 

You should consider purchasing term life insurance if: 

  • You need life insurance for a specific amount of time.
  • You need a large life insurance policy but have a limited budget. 

Have more questions about term life insurance? Visit our Learning Center or FAQ page 

If you’re ready to get started or have questions for our life insurance representatives, fill out the form below for a free life insurance quote today.

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