Term Life Insurance

Term life insurance is the original form of life insurance and is considered to be pure insurance protection because it does not build cash value. It was developed to provide life insurance protection on a limited budget for a limited period of time (or term). Since term insurance can be purchased in large amounts for a relatively inexpensive premium, it is typically recommended for short-range liabilities such as life insurance coverage to pay off a mortgage loan, or providing income protection during the child-raising years in the event of death.

Features of Term Life Insurance

Affordability – because cash value does not accrue and dividends are not paid out, the premiums for term life insurance are for the cost of the insurance only, which can be very affordable.

Variable time frames or terms – term life insurance is usually purchased to cover a period of time, 5 years, 10 years, 20 years and 30 years. It is typically based upon the length of a mortgage or how many years you have left until your children are on their own and/or out of college.

Renewable - you can renew the policy after the term period has expired at your attained age (meaning whatever age you are when the policy expires).

Convertable - many companies allow you to convert your term policy to a permanent cash building policy at your attained age (be sure to check with your insurance company, but some allow this conversion without proof of medical insurability).

(*This article is intended for informational purposes only, and should not replace discussing your individual needs with your local Insurance Agent or Financial Representative.)


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