Term Life Insurance

A standard term life insurance policy has level death benefits and can be for a set period of time.  This period of time (or policy term) can be from 1 year up to 30 years.  During this period, the face amount of the policy is paid to the beneficiary (the person whom you decide will get the money) in the event of your death.  If you have a need for lifetime coverage, then this could be the wrong type of insurance for you.

If you live to the end of the policy term, the insurance coverage ends and no benefit is paid out.  When this occurs, you need to decide if you want to renew the policy with different premium payments and/or conditions, or to let the coverage end.  As you grow older, the cost of coverage increases.

Term insurance does not offer savings, investments, or loan features.  However, the policy may be convertible.  This means you can switch or convert your term policy to permanent insurance without the need for a medical exam.

Term insurance is the least expensive way to purchase death benefit coverage over a specific period of time. The cost and availability of life insurance depends on personal attributes such as age, health (past and present), family history, driving record, height, weight, lifestyle avocation, tobacco usage, and the type and amount of insurance purchased. 
 

Guarantees are based on the claims paying ability of the issuing company.