Term Life Insurance
Term Life Insurance is the simplest form of life insurance. It provides affordable protection for a specific period of time at a scheduled premium level. Premiums may increase at the end of the term.
You choose a coverage level, a term (usually 5, 10, 15, or 20 years) and name a beneficiary, that is, the person you want to receive the benefit if you die. If you die while your term life insurance policy is in force, the death benefit is paid to the beneficiary you chose.
At the end of the term, you can renew your coverage often at a higher premium, without having to provide evidence of good health. You can also convert it to a permanent life insurance policy which builds cash value and may earn dividends.
Term insurance can help you meet a number of personal and business needs and is often a good choice:
- when life insurance is essential but dollars are scarce
- for a well-defined period of time
- to protect your family (insurance benefits can help pay a mortgage or fund a child’s education)
- to protect your business (benefits can ensure business continuation by helping to cover business expenses)