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Term Life Insurance

The coverage you need, when you need it.

An affordable, convenient option for many families.

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What is term life insurance and how does it work?

What does term life insurance mean? Term life insurance is the most popular life insurance on the market. A blend of level coverage and lower, guaranteed fixed premiums makes it a smart value.

How does term life insurance work? With term life, your policy is in effect for a set length of time. If you die during that time, your beneficiary receives a tax-free cash payout. If the term expires or you stop paying your premium, the coverage stops.

What Are Common Term Lengths?

Common term lengths are 10, 15, 20, and 30 years. Because there is a limited period of coverage, premiums are often considerably lower than permanent life insurance. You can renew some term policies after the term is up, but your premiums could increase significantly as you get older. That’s why it’s important to select the right length of time for your coverage. Your eFinancial agent can offer term life insurance policy quotes and guidance to help you make that choice.

What Do Term Policies Offer?

Term policies offer a guaranteed, tax-free death benefit. You decide the amount of coverage, and it is guaranteed to stay the same during the policy term. As you think about coverage, you’ll want to consider your immediate lost income and future earnings. eFinancial can help you select a coverage amount that offers protection for everyday expenses and critical milestones. Paying off your mortgage, sending your young children to college in the future, or ensuring quality of life when your partner or spouse retires all matter to you. They matter to us, too.

How to get a term life insurance quote from eFinancial

Getting free term insurance quotes from eFinancial is easy. We work with top-rated companies  to provide you multiple quotes, so you can compare rates at a glance in less than a minute. 

What are the benefits of term life insurance?

  • Two parents each holding a toddler sitting outside

    Guaranteed protection

    Guaranteed protection

  • A dad laying in bed with his daughter watching Ipad

    Affordable premiums that won't change

    Affordable premiums that won't change

  • Two parents with their child outside

    Tax-free death benefit

    Tax-free death benefit

  • Short- or long-term flexibility

    Short- or long-term flexibility

  • Simplicity for the first-time buyer

    Simplicity for the first-time buyer

How much term life insurance do I need?

Each person’s life insurance needs and circumstances are unique. It’s important to consider your specific situation to decide on a term life policy that best suits you.

To determine the best amount of coverage for you, our term life insurance calculator can be a helpful starting point. Keep the following considerations in mind:

  • Your age and how many beneficiaries you have — such as a spouse or children — who rely on you for their financial well-being
  • Your annual income, as well as how many years your family will need coverage
  • Any outstanding debts — such as mortgages and credit card debts — that would be passed on to your loved ones after your death
  • Additional expenses such as the cost of a funeral, the money needed to send your children to college, or to pay for your own student debt
  • Your total savings including stocks, mutual funds and other liquid assets
  • How much of a financial cushion your loved ones will need to enjoy their current quality of life

Comparing term life vs. permanent lifeinsurance

Term lifePermanent life
Length of CoverageChoose the term that works for you (10, 15, 20, 30 years)Lasts your lifetime—as long as you continue your payments
PremiumTypically the most affordable life insuranceMore expensive than term for same coverage amount
Medical ExamOptions to waive examTypically required
Cash ValueNonePolicy may build cash value on a tax-deferred basis

Length of Coverage

  • Term life

    Choose the term that works for you (10, 15, 20, 30 years)

  • Permanent life

    Lasts your lifetime—as long as you continue your payments


  • Term life

    Typically the most affordable life insurance

  • Permanent life

    More expensive than term for same coverage amount

Medical Exam

  • Term life

    Options to waive exam

  • Permanent life

    Typically required

Cash Value

  • Term life


  • Permanent life

    Policy may build cash value on a tax-deferred basis

How to convert term life policies to permanent policies 

In some cases, you can convert your term life policy into a permanent life policy before your term expires. Converting your policy allows you to extend your coverage without having to go through a medical exam or the underwriting process. 

Conversion can be the right choice if you still need life insurance to: 

  • support your partner or other family members financially
  • cover outstanding debts
  • give your loved ones a way to pay your final expenses
  • leave a legacy for your family

Permanent life insurance lasts for your entire life, so converting a term policy can help you rest easier that your family is covered for good. Keep in mind that permanent coverage costs more than term, so your premiums will likely go up when you convert. 

Get in touch with an eFinancial agent to learn about your policy’s conversion options or to start the process.

Term life insurance policies through eFinancial

With eFinancial, you’ll have access to term life insurance products from top companies. We make purchasing term life simple and fast. From quote to policy issuance, we can get most people coverage on a single call.

Every family has unique circumstances. You may want specific features, like a policy that renews or converts to a permanent life insurance policy. Many products, including term life policies, can include riders. A rider amends or adds to a policy, customizing it to your specific needs.

Because we get to know you and your needs, we tailor recommendations and guide you every step of the way. If your policy requires a medical exam, we help manage scheduling that as well. eFinancial is committed to helping everyday families find the term life insurance that fits their needs. We look forward to helping your family.

You've got questions. We've gotanswers.

Get your term life insurance quote online, or talk to one of our agents at 855-780-9533855-780-9533.