Does Term Life Insurance Have a Death Benefit?

Yes, term life insurance does have a death benefit.  

Think of term life insurance like a safety net. It's there to protect your loved ones if something unexpected happens. If you were to pass away during the policy's term, the insurance company would pay out a sum of money, known as the death benefit.

Why is the death benefit important?

The death benefit can be used to cover a variety of expenses, such as:

• Funeral costs: These can add up quickly.   
• Debt repayment: Mortgages, car loans, or credit card debt can be a burden on your family.  
• Income replacement: If you were the primary breadwinner, the death benefit can help your family maintain their standard of living.
• College education: For parents, the death benefit can help fund their children's education.   

How much is the death benefit?

The amount of the death benefit depends on several factors, including:

• Your age: The younger you are, the lower your premium will be.   
• Your health: People in good health generally pay lower premiums.  
• The length of the term: Longer terms typically have higher premiums.   
• The amount of coverage: The more coverage you need, the higher your premium will be.

Is term life insurance right for you?

If you have dependents or financial obligations, term life insurance can be a valuable tool. It's a relatively affordable way to protect your loved ones from financial hardship in the event of your untimely death.

Remember: The key to term life insurance is to choose a policy that meets your specific needs. Consult with a qualified insurance agent to help you determine the right amount of coverage and term length for your situation.