Term life insurance guarantees payment of a stated death benefit to the insured's beneficiaries if the insured person dies during a specified term. ... Term life premiums are based on a person's age, health, and life expectancy.
Term life insurance provides coverage for a predetermined amount of time, typically between 1 – 35 years. Death benefit will payout if the policy owner passes away within the term of the policy.
Cost effective option for young growing families or individuals looking for more affordable coverage.
There is no guarantee of renewal when the term ends; however, certain term policies may allow for an option to renew.
Comments