- Term Life Insurance
Term life insurance is protection that is designed to meet temporary insurance needs. For instance, you may decide that
you want coverage until your kids graduate from college; or, until a particular debt like your mortgage is paid off. Term
insurance covers you for a specific period of time (the “term”), generally from one to thirty years, and pays a death
benefit only if you die during the term.
Term insurance is the most basic type of life insurance and typically the least expensive. This makes it an attractive
option for many young couples and individuals. You can buy higher amounts of coverage when the need for protection is
usually at its greatest.
As with all types of life insurance the death benefit is paid to your beneficiaries completely income tax free. If you stop
paying premiums and allow the policy to lapse, there is no cash value paid out to you, the coverage simply ends.
Term Life Insurance:
- Least expensive type of life insurance
- Protection for temporary needs.
- May be a good choice for young families and individuals
The downside is that the cost of your new policy may be significantly higher than the cost of your initial term policy, as
your current age and health are factored in the price.
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