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Term Life Insurance

What is term life insurance?

Term life insurance provides coverage for a fixed period — commonly 10, 15, 20, or 30 years — and pays a death benefit to your beneficiaries only if you pass away during that term. It doesn't build cash value and typically ends with no payout if you outlive the term.

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Because it doesn't need to last your whole life or build cash value, term insurance is usually the most affordable type of life insurance per dollar of coverage, making it popular for covering temporary needs.

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Common uses include replacing income during working years, covering a mortgage until it's paid off, or providing protection while children are financially dependent.

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