Term Life Insurance

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What is it?

Term Life Insurance provides coverage for a specified amount of time in order to protect your family in the event of a premature death. If the person covered with Term Life Insurance passes away during the policy term, the beneficiaries listed will receive a payout for the amount of benefit purchased.

What's covered?

Upon death of the insured during the specified term:

  • Term Life Insurance covers your family in the event of loss of income due to death.
  • It can help to cover existing debt, such as your mortgage, credit card debt, or auto payments.
  • The benefit from a Term Life Insurance payout can help your children pay for a college education.
  • If your spouse, or an ill parent that you care for, is not working, it can help cover their daily expenses or medical care.

How does it work?

Term Life Insurance is generally accepted as the least expensive type of life insurance.

There are 3 main factors that go into determining the rate for Term Life Insurance:

  1. The amount of the benefit.
  2. Your gender and the state of your health.
  3. The length of the policy term, commonly 10, 15, 20 or 30 years.
When you are deciding the length of the policy term, it is best to consider the amount of time that you will be providing significant financial contributions for your family:
  1. The shorter the term, the less expensive the premium.
  2. The cost of a 10 year term policy would be less than the cost of a 15 year term policy.
When deciding the amount of the benefit, you should determine the amount needed for your family to financially survive without you. Some things to consider:
  1. The amount of monthly income your family needs to live with comfort.
  2. The amount of your mortgage or any debts.
  3. Car payments, and insurance costs.
  4. Child care and other daily costs.
  5. College education