What Is Term Life Insurance?
It Cares For Your Family If Something Should Happen
Term Life insurance is generally the least expensive and least complicated type of life insurance. It provides
insurance protection at a low cost and has premiums that remain level over a specified period of time such as 5, 10, 15, 20, 25 or 30 years. After the initial level period expires, the annual
premium increases each year, subject to a guaranteed maximum. If you die within the term period, a death benefit is paid to your beneficiary. If you are still living
at the end of the term, protection ceases unless the policy is renewed. There is no "accumulation" element, or cash value with term insurance. Many term life insurance plans can be converted to
permanent life insurance plans without evidence of insurability.
In general, term life insurance is
suitable when your life insurance needs are temporary or your life insurance needs are long-term but your budget does not permit the higher premiums of permanent life insurance.
