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Term Life Insurance
What is Term Life Insurance?
Term life insurance is a type of life insurance policy that provides coverage for a specific period of time which is referred to as the "term". This period usually ranges from 10 to 30 years.
During this period, if the insured individual passes away, the policy pays out a death benefit to the designated beneficiaries. Term life insurance is usually more affordable than whole life insurance plans because it does not accumulate a cash value over time. Instead, it focuses solely on providing financial protection for a predetermined period of time.
Term life insurance policies are renewable and may offer options for conversion to whole life policies, which makes them flexible options for policyholders as their needs change over time.
Other facts about Term Life Insurance
A term life policy is a contract between you and the insurance company for a specified period of time.
During that time, you pay a pre-determined premium each month.
In the unfortunate event that you pass away, the death benefit is paid out to the beneficiaries listed on the policy.
Most policy premium amounts stay the same month after month
The death benefit is paid out tax-free and is income tax free.
When the policy term expires, so does the coverage.
Ready to talk more about a term life insurance policy? If so, get in touch with us.
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