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What Is Term Life Insurance?

Term life insurance covers the insured person for a specific period such as 10, 20, or 30 years. If the insured dies during that term, the policy generally pays the death benefit to beneficiaries.

Why People Buy Term Life

Term life is often chosen when someone wants relatively affordable protection during working years, while raising children, paying off a mortgage, or covering a defined financial obligation.

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Renewal and Conversion Considerations

Some term policies can be renewed or converted to permanent coverage, but costs can rise at renewal and conversion rules vary by insurer.

Selecting the Right Term Length

The term should align with the financial obligation it is meant to protect. A 30-year mortgage may call for a 30-year term, while coverage during child-rearing years may need a 20-year term.

Related Life Insurance Resources

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FAQs

Frequently Asked Questions about Term Life Insurance

Term life insurance provides death benefit protection for a specified term or period of years.

Coverage may end unless the policy is renewable, replaceable, or convertible according to the contract.

Because it provides protection for a limited period and usually does not build the same kind of cash value associated with permanent policies.

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