Term Life Insurance

Term Insurance

Everything you need to know about term insurance

As it relates to life insurance, we like to think of a term life insurance policy in the same way as renting a house. You have coverage for the length of your term, but after the term expires, so does the coverage. The trade-off is that term insurance is significantly less expensive than permanent coverage (& most policies are convertible) so it can be a very competitive option that works perfectly with your budget and overall goals.

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Why term insurance?

Varying term lengths

From Term 10 to Term 30 and everything in between, there are varying lengths of commitments so that you can have the appropriate coverage for your stage of life.

Simple and straightforward

As the name implies, you have the policy for the pre-determined term. And, when the payment stop, so does the coverage. It’s simple and straightforward life insurance.

It’s convertible

Balancing all of life’s financial demands can be challenging. Most cost-effective term policies can be converted to a permanent policy later down the road when your situation changes.

Any questions?

Why would someone choose a term over permanent life insurance?

There can be a whole host of reasons. Most commonly, many people purchase term insurance at a stage in their lives when they have family who relies on them financially and desires for those individuals to be protected in the event of their untimely passing.

Later in life, they may be financially secure enough that they can care for those loved ones after death via their savings and the sale of their assets. At which point, they may no longer need the protection that life insurance provides.
What is the average length of a term policy?

Term policies range from 10 to 30 years. Whether it be 15 years or 25 years, the length of the policy that you choose will be influenced by the stage of life that you’re in, your long-term goals and your budget.
Should I invest in life insurance while I’m young?

Yes! Getting life insurance while you’re young and healthy is highly recommended. Your situation and wellbeing can change at a moment’s notice so it’s important to invest in life insurance while you have the opportunity to.