Protection for the period of time you want: Term life insurance is available in 10-year, 15-year, 20-year or 30-year terms and is renewable each year until age 95. It can be converted to a permanent life insurance policy during the term period (up to age 65).
Affordable coverage that won’t increase over time: Your premium payments are guaranteed to stay the same for the duration of the term you select as long as the life insurance premiums are paid.
Income tax-free payout: The payout your beneficiary receives if you pass away during the coverage period is typically income tax-free and has a steady value throughout the life of your policy.
Good for young families – Because term life covers only a specific period and is generally less expensive than permanent life insurance, it is an excellent choice for young families looking for temporary coverage. For example, you can buy a policy to cover the years your family relies on you financially and lower your coverage when your children become self-sufficient.
Simple – Term life insurance is easy to understand, which makes it simple to shop for and compare life insurance quotes. As long as you pay the premium, you are covered for the duration of the policy. You need to make only three main decisions: how much life insurance coverage you need, how long you want the coverage to last and which insurer you want to do business with. For many people, term life insurance is a simple, affordable way to safeguard the financial health of loved ones if something happens to them.
Optional riders: There are also features, called riders, available on some products that let you access your death benefit during your lifetime to help pay for expenses related to critical, chronic, or terminal illnesses.
