Term Life Insurance
What is it?
Term life insurance provides affordable protection for a defined period of time when insurance needs are high but available funds are limited. The price you pay is fixed over the duration of your term.
It is ideal for people who want to ensure debts like a loan or mortgage are paid off, children’s education needs are met or their income is replaced if they were no longer there to support their loved ones.
How does it work?
Term life insurance typically provides coverage which expires at a specific age or year, unlike permanent insurance which lasts a lifetime.
Premiums are guaranteed for a given period of time, usually 10, 20, 30 or 40 years, depending on the plan selected. At the end of that period, the policy either renews at a higher premium for the next payment period or it terminates. Most term plans can be switched to permanent protection to cover your long term needs.
What are the benefits?
More for less
It is less expensive to own a term life insurance when compared to permanent life insurance, so you can afford to buy more coverage. Premium payments are fixed for a chosen term duration.
Financial Security
When it comes to protecting your family, term life insurance is a great choice. Avoid leaving your family with large financial obligations. If you die, your family will receive a tax-free cash payment.
Upgrade when you’re ready
Permanent lifelong insurance may not be in your budget today. Term insurance is a great short-term alternative that allows you to have the protection you need now with the ability to transition to permanent life insurance.
Custom plan
You can customize your plan with optional benefits to meet your changing needs. Cover multiple lives on personally-owned policies or make it a family plan by adding Term life insurance on your children.
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