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What Is Term Life Insurance?
Term life insurance is a specific type of life insurance policy that provides coverage for a predetermined period of time. This period of time, known as the “term,” typically ranges from 10 to 30 years. Because term life insurance only provides coverage for a finite period of time, it is not considered permanent life insurance. A term life insurance policy only guarantees a death benefit payout to the beneficiary if the insured party dies during the specified term.
Who Might Need Term Life Insurance?
Clients who have loved ones that are financially dependent on them — such as partners, children, siblings, or parents — commonly purchase term life insurance as the payout from this type of policy can provide much-needed financial security to these loved ones in the event that the insured party dies unexpectedly. Typically, the payout from a term life insurance policy is used to cover mortgage payments, child care costs, and the other day-to-day expenses.
The Cost of Term Life Insurance
As with other forms of life insurance, the most common variable with a term life insurance policy is the amount of coverage that the client wants to maintain. Term life insurance is generally more affordable than whole life insurance or universal life insurance and is designed to guard against unforeseen death — such as might result from an accident or illness — rather than from old age.