Term Life Insurance Advantages and Disadvantages

It’s important to consider the advantages and disadvantages of term life insurance before purchasing your policy. Make sure you understand your reasons for buying the coverage and how long you will need protection for you and your family.

• Premiums are usually much lower for Term life insurance compared to whole life insurance.

• Term life provides funds for people who depend on you for financial support.

• Creates an estate to leave to your heirs, if you haven’t had a chance to build much wealth.

• Level term life insurance premiums remain the same for the term of the policy. So, 20 year level term means your premiums stay the same for 20 years.

• Provides the maximum life insurance protection for your dependents at the lowest cost.

• Provides affordable life insurance protection to fit almost any budget.

• Many term life policies offer you the option to convert your coverage to whole life insurance by some future date, (without having to prove insurability – taking a medical exam).

• If you outlive your term insurance policy, your premiums to buy a new policy will be much more expensive.

• If you do convert your term insurance to whole life – your premiums will be much higher for the same amount of coverage.

• Premiums usually increase with age, unless you buy level term life insurance.

• When your policy expires, you may not be in good health, and unable to qualify for another life insurance policy at that time.

Choose from one of the options listed below:

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