Term life insurance offers the flexibility you need when you’re just starting out, with monthly or annual premiums, and the coverage “term” of your choice. This way, you can ensure your family’s financial security without investing more than you can afford.
LifeCentra can help you pick out a policy that offers protection for the period of time that you choose. Your investment in the form of premiums will assure you of death benefits for your loved ones, allowing you to protect those who matter most.
Term Life Insurance
This affordable option offers insurance over a limited amount of time and can be converted into a more permanent solution later on. The policyholder chooses the length of coverage, such as 10, 15, 20, or even 30 years. During this time, called the level-premium period, the premium is guaranteed not to change.
Term life insurance pays on the condition that death occurs during the term of the insurance policy. Most of these policies entail no other benefit provision, like accumulated cash values. Many people opt for term life insurance when they’re just starting out, and switch to a whole life policy when the term expires and the renewal or conversion rates are higher.
Upon your death, term life insurance can support your family with paying mortgages, debts education cost and other expenses. The death benefit is assured over the life of the policy as long as the premium payments are maintained for the specific period of time, after which they typically increase, quite significantly.
Term life insurance has two subtypes:
- Level Term Insurance
Where Meaning the death benefit remains the same throughout the life of the policy
- Decreasing Term Insurance
Where Meaning the death benefit decreases throughout the duration of the policy
Term life insurance is an ideal choice for those who want:
- Temporary and cost-effective insurance for a fixed period of time
- Supplemental insurance over and above employer-supplied coverage/other plans
- Death benefits and financial protection for a predetermined term
- A safety net against mortgages and other long-term or short-term financial debt
- Flexible coverage in the short term, which can be extended or converted later
What is my next step?
Remember, for term life insurance you should purchase the full amount of coverage you can afford. Planning ahead for your needs is important; LifeCentra can assist with all your life insurance needs. Let us help you get started today!
People frequently buy term life insurance to:
- Plan income replacement for their family’s financial security
- Reduce debt; mortgages, loans and credit cards
- Assist with child care and educational expenses
- Cover funeral and final expenses
Term Life Insurance Calculator
Our interactive calculator gives you an estimate of how much coverage your family will need, so they can meet expenses in case of your death.