Term Life Insurance
Term life insurance provides protection for a specific period of time - the “term”- and is designed for temporary circumstances. The policy will pay a death benefit (payout) upon the death of the insured as long as it’s within the term. It makes the most sense when your need for coverage will disappear at some point, such as when your children graduate from college, or when a debt or mortgage is paid off.
The most common term policies provide coverage for 20 years, but they can run the gamut from 10-year policies to terms of 30 years or even longer. In some cases, a term policy may also be converted to permanent policy at the end of the term. When determining how much life insurance you need, buy an amount your family would need if you were no longer there to provide for them. The death benefit could replace your income to pay for ongoing expenses like a mortgage, or help pay for future expenses like college tuition.
Typically, term insurance offers the greatest amount of coverage for the lowest initial premium and can be a good choice for young families on a tight budget.
To learn more Term Life Insurance please contact us today for additional information or to request a quote.
Please visit our other pages to learn more:
Universal Life Insurance
No Medical Exam Life Insurance
Long-Term Care Insurance