What is Term Life Insurance?

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A form of temporary life insurance, term life insurance features lower guaranteed premiums and tax-free benefits for your beneficiaries if you were to lose your life. 

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Term Life insurance is purchased using two factors:

 

The "term" of the policy, such as

 a 10-year, 20-year or 30-year term.

 

The "face amount" of coverage you'd like to purchase, such as 

$100,000, $200,000, $500,000 and so on.

 

You pay annual premiums for this insurance and the cost remains the same over the life of the policy. 

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Reasons to Buy Term Life:

 

• Affordable protection for the term of the policy

• Payments that stay the same each year

• You wish to use other investments to gain capital but still want to protect your family against premature death

• The ability to convert to whole life after your term expires

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