Term Life Insurance
Financial security for the important people in your life.
Term Life is ideally suited for short-term needs as you can lock in the lowest rate today for the length of the term. Popular products are 10- and 20-year terms; these products are ideal when you want the most coverage possible today at the lowest price.
The insurer promises to pay the face amount on death in exchange for the set premium during the term. It's the simplest, most affordable form of life insurance — and the most popular choice for young families protecting against mortgage debt and income loss.
When to Choose Term Life
- You need maximum coverage at the lowest cost
- You have a specific financial obligation to cover (mortgage, children's education)
- You want straightforward, easy-to-understand insurance
- You're young and healthy — lock in unbeatable rates now
- You plan to convert to permanent insurance later
Advantages
- Lowest premiums of any life insurance type
- Rate is fixed for the entire term length
- Easy to understand — pure protection
- Most policies are convertible to permanent insurance
- Ideal for temporary financial obligations
Considerations
- Coverage expires at end of term
- Renewal premiums increase significantly
- No cash value or equity accumulation
- May become unaffordable at older ages