Low Cost Life Insurance - Term

Term life insurance policies are designed to provide financial protection at a relatively low cost particularly during the early years of one's life. The contract between the policy owner and the insurance company is for a specific period of time or "term." Term policies deliver pure death benefit protection, and appeal primarily to those seeking low cost - effective temporary coverage.

Who Needs Term Life Insurance:

People with a shorter term need for life insurance protection.
Those who need a large amount of life insurance protection at a low cost due to a limited budget.
People with specific business needs (e.g., business owners who want to cover the life of a key employee who has a set number of years until retirement).

Why Do You Need Low Cost Life Insurance:

It may cover your family's immediate financial needs at a lower out-of-pocket cost than whole life insurance.
It may help to protect and maintain your family's standard of living.
It may create a valuable emergency fund for unforeseen expenses when your family needs it most - at the insured's death.
It may clear any short-term debt that has accumulated over time to give your family a "clean financial slate."
It will make sure that your family can pay the monthly mortgage.
It may safeguard your children's education costs.
It may pay off any outstanding personal and business loans.
It can fund a buy-sell agreement for a start-up business to help provide for an orderly change of business ownership.
It can supplement whole life insurance coverage until more can be purchased.

Term Life Insurance Coverage and Benefits:

Provides protection for a specific term (typically one to twenty years)
Produces a death benefit that is generally free from income taxes
It is often renewable after the policy term without evidence of insurability
Usually costs less than whole life insurance in the short-term
Can usually be converted to permanent insurance with the same company during part of the life of the policy