Term Life Insurance

What is Term Life Insurance?

Term life insurance provides affordable, and easy-to-understand coverage for 10 years, 20 years or for life depending on your premium.  If the life insured dies during the term, the death benefit will be paid to the beneficiary. 

Term life insurance functions in the same manner as most other types of insurance in that it satisfies claims against what is insured if the premiums are up-to-date and the contract hasn’t expired . 

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What are the benefits of term life insurance?

Term life insurance can be a good fit, especially for young families on a budget looking for coverage for a set amount of time.

Affordable

Term life insurance rates are more affordable than whole life insurance because it offers protection for a predetermined time.

Flexible

Coverage can last as little as one year, as with annual renewable term life. Policies also come in 10-, 15-, 20- and 30-year terms. 

Tax-free cash benefit

When the beneficiary receives the death benefit, this money is not counted as taxable income, and the beneficiary does not have to pay taxes on it.

Simplicity

Easy to understand, and only three main decisions to make: coverage amount, length of term and preferred company. 

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