Coverage
Term life: level premiums for a defined window.
Term life insurance is a straightforward and cost-effective form of life insurance that provides coverage for a specified period — with premiums that stay the same for the duration of the policy.
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How term coverage works
Term life insurance delivers protection for a certain period of time — 10, 15, 20, 25, or 30 years — and the premium stays level for the duration of the policy. Death benefits are paid tax-free to your beneficiaries. Guaranteed renewability is available after the term expires, though rates increase annually from there.
Key features
- Coverage period
- Fixed terms such as 10, 20, 25, or 30 years with regular premium payments.
- Death benefit
- A lump-sum, tax-free payout to your named beneficiary.
- Affordability
- Lower premiums than whole life or universal life insurance.
- No cash value
- Policies expire with no payout if the policyholder outlives the term — that's what keeps premiums low.
- Renewability
- Option to renew at higher premiums after the term ends.
- Convertible policies
- Many terms can convert to permanent insurance without a new medical exam.
- Coverage amount
- A customizable death benefit sized to your needs.
- Medical underwriting
- A health examination may be required at issue.
- Term length
- Chosen to match the years your obligations actually run.
- Financial protection
- Covers mortgages, education, and living expenses through the years that matter.
See how this fits your numbers.
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