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Term Life Insurance
 Term Life Insurance is basic life insurance coverage that provides protection for a specific period of time ("term") from 1 year to 30 years. It is a suitable life insurance solution if you need short-term death benefit protection and have temporary financial obligations, such as mortgage payments, car payments, or short-term debts. Coverage provides lower premiums for people who cannot afford permanent life insurance premiums. Should you decide you want permanent life insurance, you can sometimes convert your policy later on (within certain parameters).
| Death Benefit |
Provides level death benefit that becomes payable only if the insured dies during the term of the policy; it is not guaranteed for the insured's lifetime. |
Lower Premiums |
A way to affort life insurance coverage at less expensive premiums because it allows you to purchase higher levels of coverage at a younger age, when your protection need is greatest. However, term premiums may increase with age. |
| Tax Advantage |
Upon the death of the insured, the death benefit of a term insurance policy passes federal income tax-free to the policy's beneficiary. |
| Guaranteed Level Premium Payments |
Level premiums are guaranteed for a pre-determined period of time. You can specify the frequency, often a choice of annual, semiannual, quarterly, or monthly. |
| Renewal and Conversion Options |
Annual renewal at increasing term rates at the end of the original contract period. Some term policies can be converted to permanent insurance (within certain parameters). |
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