How Term Life Insurance Works

Term life insurance offers life insurance protection for a specific number of years. It builds no cash value, you pay only for the life insurance. That's why term life is less expensive than permanent life insurance. So you can afford more protection for your loved ones.

• Term life insurance lasts for a specific number of years, from 1-30 years. The most common term is 10 or 20 years.
  
  
• Term life insurance policies pay the beneficiary the face amount of the life insurance policy if the insured person dies during the term of the policy. For example, a 15-year term life policy with a face amount of $250,000 would pay $250,000 to the beneficiary if the insured died any time during those 15 years.
  
  
• Usually, term life costs less than permanent life insurance.
  
  
• At the end of the policy term, the insured is no longer insured, and a death benefit is no longer paid. Some term life insurance policies are renewable, or can be converted to permanent life insurance.

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Term Life Insurance Has Three Standard Features:

1. Level
   Usually, the annual premium for the policy paid by the insured stays the same each year. The face amount of the policy also stays the same. Level term life insurance policies can usually last up to 30 years.
   
   
2. Convertible
   Before the end of the term for the policy, the life insurance policy owner may be able to convert the term life insurance into a permanent life insurance policy. The owner usually has a specific number of years during the term life insurance policy to convert the policy. The premiums usually increase for the permanent life insurance.
   
   
3. Renewable
   Term life insurance policies that are renewable offer the owner the option of renewing the life insurance policy at the end of the policy term, up to a specific age limit (usually age 65 or 70).
   

   For example, a 15 year policy may be renewed for another 15 years. If the policy is renewed, a medical exam may be required. The term life insurance premium will usually increase when the policy is renewed.

Choose from one of the options listed below:

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