Term life insurance is designed to provide coverage for a specific period of time, also called the “term” of the policy. You can select the length of the term (the number of years you want coverage) and the coverage amount (also called the death benefit). When you have term life insurance and you die while your policy is in force, your beneficiaries will be paid the death benefit. And the best news of all, it’s tax-free (based on current federal tax laws).
A term life policy generally is much cheaper than other types of life insurance. Also, the rate does not go up during the term length you choose. That means you and your loved ones are protected and there are no surprises.
Term life insurance is also often a smart choice as part of an overall financial plan. Because the premiums are affordable, you can choose a term length and coverage amount that fits all your needs. You can plan to repay debts, cover ongoing living expenses, and save for future education costs for your loved ones.
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