What is term life insurance?
Term life insurance provides affordable protection for a defined period of time when insurance needs are high but available funds are limited. The price you pay will never increase over the duration of your term. If you die while your policy is in effect, your beneficiaries will receive a tax-free cash benefit.
It is ideal for people who want to ensure debts like a loan or mortgage are paid off, children’s education needs are met or their income is replaced if they were no longer there to support their family.
How does it work?
With term life insurance, you decide how much coverage you need and for how long: either 10 or 20 years. At the end of the term, you can renew your coverage at a higher premium or convert to permanent life insurance without having to answer additional questions about your health.
Keep in mind that term life insurance doesn’t provide lifetime coverage and its cost will increase with each renewal.
How will it benefit me?
Effective coverage for less
It’s less expensive than permanent life insurance, so you can afford to buy more coverage. Premium payments are locked in and won’t change during the initial 10- or 20-year term.
Protect your family
Avoid leaving your family with large financial obligations. If you die, your family will receive a tax-free cash payment.
Upgrade when you’re ready
Permanent lifelong insurance may not be in your budget today. Term insurance is a great short-term alternative that allows you to have the protection you need now with the ability to transition to permanent lifelong insurance when the time is right for you.
Tailored to your needs
You choose the length of your coverage so that it fits your financial goals and situation. Customize your policy with help from a financial security advisor.
Talk to an expert
Not feeling confident in your finances? You can talk to one of our financial security advisors who will work with you to craft a financial plan tailored to your needs.