Term Life Insurance
Coverage When It Matters Most in Life
Term life insurance is flexible coverage used to cover liabilities and protect your family or business during a specific time period.
Policies commonly cover:
And will cover things like:
Key Person Insurance for a Business
You will pay the same premiums while your term lasts, and once it expires, you can either renew your term at a new rate or switch to a permanent life insurance plan.
Term Insurance is a lower initial cost than other insurance types as it is a temporary need. It does not have a cash value and will pay a level benefit that is tax-free to your beneficiary at death.
Making sure a term insurance policy is ‘convertible’ is an important part of the planning process.
A convertible term insurance policy gives the option to be changed into a permanent or participating whole life policy in the future without showing more evidence of insurability.
This can complement almost any type of estate planning.