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What is term life insurance?
Term life insurance is affordable, easy-to-understand coverage that gives you flexible protection.
Your insurance costs will remain the same for a specific period of time (the "term"), until it renews for another term. If you die while the policy is in effect, a tax-free payment will go to the person or people you name (your "beneficiaries"). With most term policies, you can also convert your coverage to permanent insurance regardless of any changes to your health, occupation or lifestyle.
This type of life insurance will not ruin you! With premiums so low that they will fit any budget; term life insurance will provide you with good security at a good price. Most people buy term life insurance as the first form of protection to cover loss of income, loss of an employee, to keep their families safe in the event of premature death or to protect a mortgage loan. Term life insurance fills a specific short-term need and may or may not be renewed when it expires.
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Is term life insurance right for you?
Term insurance is an effective solution if you are:
- Looking for affordability and value
- Looking for temporary protection, but temporary can extend for many years. Some examples include: If you have a mortgage or loan (commercial or personal) and want to leave your family enough money to pay it off if you die prematurely.
- If you have young children who need to be provided for if you pass away prematurely. For example, Life insurance can pay for their education.
- Your partner is going back to school, but you cannot be left without cashflow if they pass. A 5-year term life insurance policy would be smart.
- A business owner who is a key person protection and/or a way to fund buy/sell agreements
Term life insurance is often found under these names:
- 1-year term life insurance
- 5-year term life insurance
- 10-year term life insurance
- 25-year term life insurance
- 100-year term life insurance
How does it work?
- Choose the coverage amount. Financial security advisor will help you analyze your needs.
- Decide if you want your coverage for 1, 5, 10, 15, 20, 30 years, to age 65 or to age 100.
- Customize your coverage with optional benefits.
- Pay the monthly or annual premiums.
- Your coverage automatically renews. It is always better to review the situation with an advisor before it automatically renews.
- You can convert to longer-term or permanent life insurance without medical questions, within limits.
- The people you chose receive a tax-free payment if you pass away while your policy is active.
What happens after the initial term ends?
Your policy automatically renews in most cases for the same length of time, unless you wish to stop the coverage. In most cases you can decrease your coverage without medical questions if your needs have changed. Your premiums will increase because you have gotten older or converted it to a different product. Here are your options:
- Cancel your policy if you do not need it anymore.
- Let it renew automatically (in most cases for the same term; age limits apply; the renew premium will be higher).
- Convert to permanent insurance coverage.
- Depending on situations such as your health, you could replace your contract with a new term contract with lower premiums. You will have to go through the medical questions and requirements.
Work with one of our trusted advisors to help build a plan for you.