What is Term-Life Insurance?
Term-Life Insurance is one of the most affordable types of insurance and provides protection during the “term” during which you pay premiums for.
Term-life insurance may be the right fit for you if you are looking for:
- Guaranteed coverage for a specific amount of time or to cover specific financial obligations
- Affordability and payments guaranteed not to change
- An addition to a work provided life insurance plan
- Short-term coverage for debts or other needs
- Provide for loss of income
- Offer protection to help pay off a mortgage or college loans
Common types of term-life insurance include:
Basic Term Life: paid by your employer for a set period of time to provide your beneficiaries plenty financial support.
Supplemental Term Life: paid by you as the employee to allow you to purchase coverage as needed according to your situation in life.
Dependent Term Life: Provides coverage for your spouse, partner, or eligible children.
Mortgage Term Life: Provides funds to help pay a mortgage in the event of a premature death. The death benefit begins decreasing after 5 years of coverage, earning it the name “decreasing term” policy.
Interested in term-life insurance?
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