Term Life Insurance

Term insurance is designed to provide your family or business with insurance protection for a specific period of time. If the insured person dies within that time period, his or her beneficiaries will receive a tax-free insurance benefit.

Term insurance is usually offered in a range of terms including but not limited to 5, 10, 20, 30 years (usually expiring at age 80 or 85), to age 75 and age 100.

For many young people or families just starting out, term life insurance is a logical choice. Initially, term insurance costs are lower than permanent insurance rates but increase at every policy renewal term i.e. 10 or 20 years. Essentially the younger you are, the less it costs. It is also important to note that most term insurance policies are guaranteed renewable, i.e. every 10 or 20 years.

Furthermore most term insurance policies are also convertible to permanent plans offered by the issuing company (see below) without proving good health; usually before age 65 or 70.

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