Term Life Insurance

Term life insurance is the most affordable type of life insurance plan. With term life you are only paying for the life insurance protection. There is no cash value that builds up within the policy.

Term life provides protection for your family for a specific number of years (between 5 and 30 years usually). If you die during the term of the policy, your beneficiary will receive the death benefit of your life insurance policy.

Example: If you own a 20 year $200,000 term policy and you die after 5 years or 19 years into the policy, your beneficiary would receive the $200,000 death benefit.

If you die during the term of the insurance policy your beneficiary receives the death benefit, also known as the face amount, of your policy. If you are still alive at the end of your policy term, your insurance protection expires. You may have the option of renewing your term life policy. However, the premiums will generally be higher at that time.

There is no cash value that builds within the term life insurance policy. Some term life policies offer a return of premium. These policies usually charge much higher premiums than level term life insurance.


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