Term Life Insurance
Who should consider Term?
Ages 18-55
Anyone with more Liabilities than assets.
Anyone with children under the age of 25 or when you consider them to be an adult
Large Mortgage, Car Loans, Student Debt or other larger outstanding Liabilities.
Relatively healthy as term is harder to qualify for vs Whole Life.
How term life insurance works
Choose coverage and term: You decide on the face value (the amount paid to your beneficiaries) and the length of the policy, which can range from 10 to 40 years. Many people choose a term that aligns with their financial obligations, such as the length of a mortgage or until their children become financially independent.
Pay premiums: You make regular payments, typically at a fixed rate, for the duration of the policy term.
Death benefit payout: If you die while the policy is active, your beneficiaries will receive the death benefit, usually as a tax-free lump sum. The money can be used for funeral costs, household expenses, mortgage payments, or a child's education.
End of term: If you outlive the policy term, the coverage expires, and no payout is made. You may have the option to renew the policy, convert it to permanent coverage, or purchase a new policy.
