LIFE INSURANCE
Term Life Insurance
Term life insurance provides coverage for a selected number of years. It is often explored when a family wants protection during a specific financial season.
How it generally works
- Select a coverage amount and term length.
- Complete the carrier’s application and underwriting process.
- Pay the required premium to keep coverage in force.
- If the insured dies while eligible coverage is active, the policy pays its stated death benefit subject to its terms.
Potential advantages
- Designed for temporary protection needs
- May have lower initial premiums than permanent coverage for a similar death benefit, depending on age, health, underwriting, policy, and carrier
- Common terms may include 10, 20, or 30 years, depending on the carrier
Limitations and considerations
- Coverage generally ends when the term expires unless renewed or converted under available policy provisions
- Renewal premiums may increase
- The policy typically does not build cash value
How much life insurance might I need?
That depends on income, debts, dependents, existing coverage, future obligations, and budget. A needs-based conversation can establish a reasonable starting point.
Does every policy require a medical exam?
No. Requirements vary by policy and carrier. An application may use health questions, prescription history, records, an exam, or other underwriting information.
Can I have more than one policy?
A person may own multiple policies, subject to underwriting and financial-justification requirements.
A CLEAR FIRST STEP
Start with what you want to protect.
Tell us about your needs. We’ll help you understand the possible next steps.
Requesting information does not obligate you to purchase coverage.