Life Insurance
A set death benefit for a set number of years — usually 10, 15, 20, or 30 — at a premium that is typically the lowest among life products.
Term life pays a lump sum to the people you name if you die during the term. If you outlive the term, the coverage ends unless you convert or renew it. There is usually no cash value.
Term is the policy most families buy first because the job is simple: replace income, pay off a mortgage, or cover a defined obligation while the need is largest. You choose a face amount and a term. Premiums are typically level for that period. If you die while the policy is in force, the carrier pays the death benefit to your beneficiaries. When the term ends, you can often convert to a permanent policy without a new medical exam, renew at a much higher rate, or let it expire. Return-of-premium (ROP) term is a more expensive design that can give premiums back if you outlive the term. We quote standard cases and impaired-risk cases — health history is part of underwriting, not a reason to stay silent.
Who this is for
What it typically covers
A simple example
A 38-year-old with a 30-year mortgage and two children buys a 20-year, $1 million term policy. If they die in year 12, the beneficiaries receive the benefit. If they live past year 20, the policy ends unless it was converted.
Good to know
Coverage, eligibility, premiums, and underwriting vary by age, health, state, and carrier. Illustrations are not guarantees. This is not tax, legal, or investment advice.
Guides
Guide
A cheap 20-year death benefit, a policy that lasts a lifetime, or a flexible UL/IUL design. Which job you are actually hiring.
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MYGAs, fixed indexed annuities, SPIAs, and DIAs. What each contract actually does, and what it is not.
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