Term Life Insurance

Term life policies are typically cheaper and less complicated than permanent life policies.  There are two types of term life policies: annual renewable term and level term:

  • Annual renewable term is a one-year term where the premium adjusts each year based on your age when you renew your policy.

  • Level term is a policy that is sold with term periods of five, 10, 15, 20, 25, 30, or more years.  The premium is designed to be the same during the period of the term.  Some level term policies guarantee the premium won’t change, but other policies only guarantee the premium won’t change for a few years even though the term may be for a longer period.  It’s important to read the policy to know how long your premium is guaranteed to be the same.

Term life insurance policies typically only provide a death benefit. You pay a premium and if you die during the term, your beneficiaries receive the death benefit.  Term policies don’t usually include a cash value or a savings component and aren’t designed to provide coverage for your entire life.

Term life insurance is designed to provide inexpensive coverage during a time when many people need it most, such as when they’re starting a family, paying off debt, or saving for college.

Term life can be a good choice for young families with children. You might only need coverage until your children are adults and are earning their own income.


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