Term Life

Term life insurance covers you for a set period of time, called the policy term, which begins and ends on specific dates. For example, a ten-year policy term would provide coverage for ten years. Benefits will be paid only if you die within that time.


  • Often provides the greatest amount of insurance for the lowest amount of premium.

  • Flexible policy period (can usually buy for 1, 10 or 20-year term).

  • The death benefit is not taxed.

  • May be convertible to whole life or other type of permanent insurance without evidence of insurability.


  • Is more difficult to buy and more expensive if purchased when you are older, because the odds of dying increase as you age.

  • Once the term ends, you must renew or lose your insurance. The premiums on the renewal policy are likely to be much higher than the premiums on your original policy, especially if your health has deteriorated.

  • Has no cash value and does not pay interest or dividends.

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