Term Life Insurance: Affordable Temporary Protection

Term life insurance provides coverage for a set period (for example 10, 20, or 30 years). If the insured dies during the term, beneficiaries receive the agreed death benefit. If the insured outlives the term, coverage ends with no return of premium.

Key advantages

• Low, level premium: Fixed payments for the entire term—typically less expensive than permanent life insurance.
• Flexibility: Choose term length and coverage amount based on your financial and family needs.
• Renewable and convertible: Options to renew without new medical exams or convert to permanent coverage.
• Targeted protection: Ideal for mortgages, loans, or funding children’s education.

Types of term life

• Level term: Premium stays the same for the full term (10, 20, or 30 years).
• Decreasing term: Death benefit declines over time—often used to match a mortgage balance.
• Renewable term: Extend coverage at expiration without new medical underwriting (premium increases with age).
• Convertible term: Switch to permanent life insurance without a new health evaluation.

What to consider

• Death benefit amount: How much your beneficiaries will receive.
• Coverage period: How many years the policy stays in force.
• Premium: Monthly or annual cost and how it may change at renewal.
• Renewal options: Age limits and conditions for extending coverage.
• Conversion clause: Rules and deadlines for converting to permanent insurance.

Term life is an efficient, affordable way to protect your family’s financial stability during critical years of your life.