Term Life Insurance
Term life insurance covers you for a set number of years, usually 10, 15, 20, 25 or 30. If you die during that time, the carrier pays the death benefit to the people you name. The premium stays level for the term, and for the same amount of coverage it usually costs far less than a permanent policy.
What is term life insurance?
It's life insurance with an end date. You choose the amount and the length of the term, the carrier sets a premium from your age, health and habits, and the coverage stays in force as long as each premium is paid. If the term ends while you're living, the coverage stops and nothing is paid out.
Many term policies can be converted to a permanent policy before a set age without new health questions, and many can be renewed year by year after the term at a higher price. Conversion and renewal rules differ by carrier, which is worth comparing before you buy.
Who term life is for
- Parents with children at home who depend on their income.
- Homeowners who want the mortgage paid off if they die before it is.
- Couples who want one income replaced for the years it's needed.
- Anyone who wants the most coverage for each dollar of premium.
What it helps cover
The death benefit is paid to your beneficiaries, who decide how it's used: the mortgage or rent, years of household bills, childcare, college, debts, or simply time for the family to adjust. A common way to set the amount is to add up the income your family would need and the debts you'd want cleared, then choose a term that lasts until the children are grown or the house is paid for.
Why work with an independent agency
Term prices for the same person can differ a great deal between carriers, and so can their rules for health conditions, height and weight, and medications. Some carriers decide in minutes with no exam; others ask for one and price lower for it. We compare the carriers that fit your age, health and state, and explain the conversion rules before you apply. The carrier makes the final decision.
Frequently Asked Questions
What happens when the term ends?
The coverage stops and no benefit is paid. Many policies let you renew yearly at a higher premium, or convert to a permanent policy before a set age without new health questions. We'll show you those options before the term runs out.
Do I need a medical exam?
Not always. Many carriers decide from health questions, a prescription check and records, with no exam for many applicants. Larger amounts or some health histories can mean an exam, which the carrier arranges at no cost to you.
How long a term should I choose?
Long enough to cover the years someone depends on your income: until the youngest child is grown, until the mortgage is paid, or until retirement. We'll help you match the term to the need.
Related Coverage
Whole Life Insurance
Permanent coverage in larger amounts, with a level premium and a cash value that grows.
Learn moreMortgage Protection Insurance
Term coverage sized to the mortgage so the family keeps the house.
Learn moreIndexed Universal Life
Permanent coverage with flexible premiums and cash value credited from a market index.
Learn moreTalk through term life insurance with a licensed agent.
No obligation: clear answers, real monthly amounts from more than one carrier, and a recommendation that fits your family and budget.
Product availability, features, riders and any carrier guarantees vary by carrier, product and state, and are subject to the carrier's underwriting and approval. This page explains the product and is not an offer of coverage.