Affordable coverage for a specific period to protect your family’s future when they need it most.
Term life insurance provides coverage for a specific period—for example, 10, 20, or 30 years. If you pass away during the term, your beneficiaries receive the death benefit. It does not build cash value, making it a more affordable option for temporary protection.
Term life insurance works by providing coverage for a set number of years. Here’s how it typically functions:
| Pros | Cons |
|---|---|
| Affordable premiums — Lower cost compared to permanent insurance. | Temporary coverage — Protection ends when the term expires. |
| Flexible term lengths — Choose coverage for your specific needs. | No cash value — Cannot borrow or withdraw funds. |
| Simple to understand — Easier than permanent policies. | Renewal costs may increase — Older age or health changes can raise premiums. |
| Option to convert — Some policies allow conversion to whole life. | Limited long-term planning — Not suitable for building permanent savings. |
The right amount of term life insurance depends on your financial responsibilities and goals. Key considerations include:
A common rule of thumb is to have coverage equal to 10–15 times your annual income, though this varies depending on your unique situation.
Term life insurance is typically more affordable than whole life insurance, because it provides temporary coverage and no cash value. Costs depend on several factors:
Term life insurance is ideal for those seeking affordable, temporary protection for their loved ones during critical years.
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