Term life insurance covers you for a set period (often 10, 20, or 30 years) at a price that's typically lower than permanent coverage. It's a popular choice for replacing income and protecting young families.
Term life insurance provides coverage for a fixed length of time, known as the "term." If something happens to you during that term, your beneficiaries receive the policy's benefit. If the term ends and you're still here, the coverage simply expires (though many policies can be renewed or converted).
Because it covers a defined window rather than your whole life, term insurance generally costs less than permanent coverage for the same benefit amount.
Term life is often chosen by people with temporary financial responsibilities: a mortgage, young children, or years of income their family relies on. The idea is to carry coverage through the years where a loss would hit hardest, then let it expire once those obligations are behind you.
A common approach is to match the term to your longest financial obligation. For example, a 30-year term if you've just taken on a 30-year mortgage, or a 20-year term to cover the years until your children are independent.
There's no one-size-fits-all answer. When you're ready, someone from our team will help you weigh the trade-offs and find a fit for your budget, with no pressure and no obligation.
Coverage typically expires at the end of the term. Many policies let you renew or convert to permanent coverage before then, though the exact options depend on the policy. Someone from our team can walk you through what's available.
For the same benefit amount, term coverage is generally less expensive because it lasts a set period rather than your entire life. Actual pricing depends on your age, health, and the coverage you choose.
A common starting point is enough to replace your income for the years your family would rely on it, plus large debts like a mortgage. There's no universal rule. The right amount, and what you'll pay, depends on your age, health, and the coverage you choose. Someone from our team can help you work through the numbers.
Most term policies don't build cash value. They're designed to pay a benefit if you pass away during the term, which helps keep the cost lower than permanent coverage. Whole life and other permanent policies are the ones that build cash value over time.
Many term policies include the option to renew at the end of the term or convert to permanent coverage, but the specific options, costs, and deadlines depend on the policy and carrier. Someone from our team can explain what a given policy allows.
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