Term Life Insurance
Looking for Term Life Insurance?
Term life insurance provides coverage at a fixed rate for a limited period of time, whether that be ten, fifteen, twenty, or thirty years. Because you only pay for term life insurance for as long as you need it, it is the most affordable of life insurance plans. Generally, you will pay premiums monthly or annually, and your family is protected during that term. After the term is over, the previous premium rate expires and will increase. You can choose to continue the coverage at a higher rate or cancel the policy. If the insured dies during the term, their income will be replaced by the death benefit and will be paid to the beneficiary. Term life insurance can be used to provide for a family member’s loss of income, cover short-term debts and payments, provide additional protection for those with children, and provide long-term coverage to help your family pay off the mortgage or help with college education expenses.
There are different term lengths you can choose from for term life insurance. They generally range from ten years to thirty years. How much life insurance you need depends on your age, your children’s ages, your mortgage payments, and whether you want to provide money for college or an inheritance. Use our calculator to find how much life insurance is enough for your family.