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What Is Term Life Insurance

Term insurance is the most straightforward form of protection. You generally pay premiums on a monthly or annual basis and your family is protected for that \”term\”. offers a variety of term products to fit your needs, time frame, and budget. Upon death of the insured, the benefit or face amount is paid to your stated beneficiaries.

Term Life coverage usually comes in 10, 15, 20 or 30 years of coverage with a guaranteed benefit. The affordable premiums are level for the initial policy term that you choose based on your needs. The policy is guaranteed to renew up to age 95. Once past the level premium period, premiums will increase annually.

Term Insurance is:

  • An affordable way to get maximum coverage
  • An affordable way to cover specific financial responsibilities like a mortgage or college expenses
  • An affordable way to supplement your Permanent Life Insurance during periods when coverage needs are higher, such as family-growing, mortgage-paying years

Some things to consider about Term Life Insurance:

  • There is no cash value accumulation
  • Continuing your coverage after the initial level premium-paying term expires (10,15,20 or 30 years) can be expensive
  • Some Term Life policies have a \”return of premium\” feature which essentially returns to the policy owner, a large percentage of the premiums paid after 20 years of payments.