What Is Term Life Insurance?

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What is term life insurance?

Term life insurance is a type of life insurance that covers a specific period of time and it has no cash-value accrual. You can think of it as a “just in case” type of insurance policy that usually covers a 10, 15, 20, or 30-year term period. It’s similar to car or homeowners insurance in the sense that you’re paying for coverage for a specific time period, whether you use the benefit or not. Once the term is up, you’ll need to purchase another term policy or consider permanent whole life insurance. 

Term life insurance provides an insured’s beneficiary with a death benefit for the purpose of financial protection. 


Common Reasons to buy term life Insurance:

Term life insurance is usually more affordable than permanent whole life insurance. Its purpose is to cover a predetermined period of time. Here are some common reasons to buy term life insurance:


Financial Protection for loved ones

One major reason people buy life insurance is to provide financial protection for their spouses and children in the event of a death of the higher earning breadwinner. Life insurance helps families maintain the same standards of living until that breadwinner’s income can be replaced. 


Buying a Home 

Buying a home is a huge financial commitment that you wouldn’t want to leave your spouse to shoulder alone in the untimely event of a death. Certain types of term life insurance policies can help you protect your mortgage for the period of time you have the debt. 


Divorce & Child Support Protection

Term life insurance can be used to insure the beneficiary continues to receive support payments in the event of a death of the financially responsible party. 


Leave a better Legacy

A lot of us want to leave a better legacy for those we leave behind. Term life insurance can provide peace of mind with more affordable options for many families. Leaving a great legacy isn’t just for the super rich.


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