Term Life Insurance
Term insurance is typically the most affordable type of life insurance because it covers a specific period of time instead of providing “whole life” insurance. If you’re young, just starting out with a family, or even if you’re older and only have a limited need for life insurance, then term life insurance may be right for you.
There are several important features of term life insurance:
- It offers you great flexibility; you can buy a policy for a term that can range anywhere from a one-year renewable policy, to a 30-year term, or an age-specific time in your life such as 65 years.
- Term life insurance premiums are considerably cheaper than permanent life insurance policies.
- The amount of death benefit you choose is also very flexible.
- Many policies also offer you the option of converting your term policy into a permanent life insurance.
- It’s easy to get approval.
- When you buy a term policy, the annual or monthly premiums you pay are fixed and guaranteed for the term of the policy. At the end of the term you will be given the option to renew the policy.
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