What is term life insurance?

Term life insurance offers simple and affordable life insurance protection. You get valuable coverage for a set period of time, along with plenty of options to meet your needs and budget. It provides a tax-free cash payment to your beneficiaries if you die while your coverage is in effect.

Who is it for?

Term insurance is often ideal for people with young families, young adults, and business owners who need immediate coverage but have limited funds to work with. That said, it can be an excellent choice for virtually anyone who needs affordable, straightforward life insurance protection for the short term.

How does it work?

When you buy term life insurance, you choose your beneficiaries, the amount you are covered for, and the length of your coverage – either 10 or 20 years. Your payments will never increase for the entire length of your term. You can renew your coverage when your term finishes, but at a higher cost than what you paid previously. You can also easily convert to permanent life insurance, which – although more expensive – provides lifelong protection that can accumulate cash value to help you achieve your financial goals.

How does it benefit you and your family?

Term life insurance can help ensure your loved ones are not burdened with financial obligations if you are no longer there to support them. The tax-free payment they receive can be used for anything – like helping to pay off a mortgage, taking care of daily expenses, or funding your children’s education.

Valuable coverage, affordable price

Because term life insurance is less expensive than permanent insurance, you can afford to buy more coverage to better suit your needs. Your premium payments are locked in and will never increase during your term.

Easily upgrade to lifelong protection

If permanent life insurance is not in your budget today, term insurance offers an effective short term alternative with the option to transition to lifelong protection when the time is right, without having to answer additional questions about your health.