What Is Term Life Insurance?

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Term Insurance is a type of temporary insurance that provides life insurance protection with no cash value or growth. It can be purchased as a one-year renewable term, or most commonly, for a certain period (10, 15, 20 or 30 years). At the end of the term period, premiums will become much higher, and if premiums are not paid, the coverage will expire.


  • Provides life insurance coverage for a period of time at a low cost
  • May be converted to permanent life insurance in the future


Premiums for term insurance generally start out very low and rise until they become very high and cost-prohibitive. Term insurance will be the least expensive when you are the youngest. With a one-year renewable term policy, premiums continually rise every year. For a 10, 15, 20 or 30 year term, premiums are level for a set period and then will jump to the expensive one-year renewable rates.

Who It's For

For those who want life insurance protection for their family and/or business at a relatively low price for a certain period of time.

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