What is term insurance?

Term insurance provides protection for a specific period of time, i.e., one year renewable, 5, 10, 15, 20 or 30 year level term. Term life only pays a death benefit if death occurs during the term. Generally, premiums are lower for term and more coverage can be purchased at a younger age. Term insurance is a good solution for short term or temporary financial obligations such as a loan or a mortgage. Term life does not provide any cash value benefits and premiums increase as you get older.

Go Back