Term Life Insurance Explanation

How much does a term life insurance policy cost?

Term life insurance is the most affordable type of life insurance you can buy for a period of 30 years or less of protection. Your monthly premium payment is based mainly on your personal health history, age, term (duration of policy) and amount of life insurance coverage.

How long does a term life insurance policy last?

Your policy's "term" is the set amount of time (number of years) you have life insurance coverage at the same premium. Typically, a term life policy's term (duration) ranges from 10 to 30 years. However, you may choose term coverage for a period of 10, 15, 20 or 30 years.

What is term life insurance protection?

This is the payment amount your beneficiary will receive if you pass away while your term life insurance policy is "In Force". Your beneficiary can use this death benefit payment from your life insurance policy any way he or she chooses, including to help with housing costs and childcare costs, or other expenses. Typically, this payment is free from federal income tax.

Here's how you can learn more about the advantages of term life insurance.