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.

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How to Choose a Term Length

10-Year Term Life

A 10-year term life insurance policy would cover you for ten years without the premiums rising during that time. This policy is for a defined death benefit, and will only be paid to your beneficiary should you die within the term period. The amount of the death benefit varies depending on how much you pay for your premium. 10-year term life is best for people in their 20’s who are not yet financially stable or for people in their 40’s or 50’s who have ten years left of their mortgage payments.

15-Year Term Life

A 15-year term life insurance policy would cover you for fifteen years without the premiums rising during that time. A 15-year term life policy only costs a few more dollars a year compared to the 10-year term life policy. This policy is for a defined death benefit, and will only be paid to your beneficiary should you die within the term period. 15-year term life is best for people who have a mortgage that needs to be paid off in the event of their death. It is also beneficial for those nearing retirement.

20-Year Term Life

A 20-year term life insurance policy provides replacement income for the twenty years that the policy is in effect. The premiums remain the same throughout the twenty years. It is the most popular life insurance option because it provides the biggest cost benefit. You may want to get a 20-year term life policy if you have a spouse, children, or parents who depend on your income.

30-Year Term Life

A 30-year term life policy may cost more than a 20-year term, but it may be beneficial to you depending on your age. The premiums will remain the same during the 30-year term. Thirty-year term life is best for people in their early to mid-twenties, who have a mortgage and are starting a family. This long-term policy can provide children with college funds and your family with house payments.

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