Term life is life insurance that provides you with temporary coverage for a set period of time.
Most term life plans offer coverage for a period of 10 to 30 years. The term options may include 5, 10, 15, 20, 25 or 30 years.
The longer your "term", the higher your annual premium.
Term life is easy to understand. If you pass away during the term of your policy, the death benefit is paid out to your beneficiary.
And, if you outlive term of your policy, your life insurance expires.
You may have the option of renewing your term policy for another term of up to 10 years, when your original term life plan ends.
Term life offers the lowest prices for life insurance which means you can afford more life insurance protection for your family.
Whether you need 30 year term life insurance to protect your home mortgage, 20 year term life to replace your income until the kids are grown, or 5 or 10 year protection for your student loan or car loan, term life insurance can help provide the most affordable protection for you and your family.