Term Life Insurance
Affordable coverage for a specific period of time.
Typical cost: $15 – $50 per month
Term Life Insurance
Term life insurance provides a death benefit if you die during the policy term—typically 10, 20, or 30 years. It's the most affordable type of life insurance, offering maximum coverage for the lowest premium.
When Term Makes Sense
Term life is ideal for temporary needs: covering a mortgage, protecting income while children are young, or securing a business loan. When the need disappears (mortgage paid, kids independent), the coverage can end without loss.
What's covered
Death Benefit
Tax-free lump sum paid to beneficiaries if you die during the term.
Level Premiums
Premium stays the same throughout the term period.
Convertible Option
Many term policies can convert to permanent coverage without medical exam.
Renewable Option
Continue coverage after term ends at higher rates without new underwriting.
Accelerated Death Benefit
Early access to benefits if diagnosed with terminal illness.
Tips
- • Buy term life while young and healthy for lowest rates
- • Match term length to your longest financial obligation
- • Get 10-15x your annual income in coverage
- • Convertible policies give flexibility if needs change
- • Level term is almost always better than decreasing term
Other life insurance types
Whole Life Insurance
Permanent coverage with a cash value component.
Universal Life Insurance
Flexible permanent coverage with adjustable premiums.
Variable Life Insurance
Permanent coverage with investment options.
Final Expense Insurance
Coverage for funeral costs and end-of-life expenses.
Survivorship Life Insurance
Joint policy covering two lives, paying out after the second death.
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