Term Life Insurance
Buying a home? Becoming a parent? Saving for college?
Life changes may prompt you to reevaluate your life insurance needs.
Term life insurance can be an affordable way to help you support your loved ones' future.
What is term life insurance?
Term life insurance provides a payment to your beneficiaries, known as the death benefit, if you die while covered. Term life insurance typically has the lowest initial cost for a given amount of coverage. After this level-premium period, premiums will increase based on the age of the person insured by the policy. Coverage can continue until the policy term ends at age 90, though few people choose to keep a term insurance policy in force as long as its cost increases. Term life policies generally let you convert to permanent coverage, giving you important options if your life insurance needs change.
How term life insurance may help you
A term life insurance policy can help you plan financial support for people who depend on you if you should die. Some uses for the term policies include:
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Helping provide for your family's financial future - You can leave your beneficiaries proceeds to help them support the lifestyle you provide today.
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Support for financial obligations that end - People often use term insurance to help with obligations that have an expiration date, such as mortgages, college education, or replacing some of the money you would have provided during your working years.
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Services formerly provided by a homemaker - Childcare, cleaning, and other household costs can quickly overburden a family's finances. Life insurance can help your loved ones afford these services after a loss
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Personal debt or final expenses - Even if you don't have children, you may want to plan your life insurance coverage to help pay your personal debts, medical bills, or other end-of-life costs to reduce the financial burden your death might leave behind.