Term life insurance provides protection for a defined period, such as 10, 20, or 30 years. If the insured person dies during the term and the policy is active, the insurer may pay a death benefit to the named beneficiaries, subject to the policy terms.
Who may consider term life insurance?
Term coverage may be useful for people with dependents, a mortgage, education costs, or other financial responsibilities. The policy can help replace income or support a family after a death.
How much coverage might be needed?
Consider income replacement, debts, future education expenses, final costs, savings, and existing coverage. Your needs can change after marriage, the birth of a child, a new loan, or a major career change.
What affects the premium?
Insurers may consider age, health history, lifestyle, occupation, coverage amount, and term length. Applicants usually answer health questions and may need a medical examination.
Compare the policy exclusions, conversion options, renewal terms, and beneficiary rules before applying.
Disclaimer: This is general information only and does not recommend a specific policy or insurer.