Understanding Term Life Insurance: Your Guide

Life is full of changes — whether you're buying a home, welcoming a child, or changing jobs. These moments often prompt a reassessment of financial priorities. Term life insurance can be a straightforward and affordable way to ensure your loved ones are financially protected.

What is Term Life Insurance? It's one of the simplest forms of insurance. You choose a term length and coverage amount. If you pass away within this period, your beneficiaries receive a tax-free payout.

Common Uses for the Payout: This payout is often used to cover mortgage payments, funeral costs, living expenses, or college tuition.

Options for Term Policies:

• Level Term: Constant premiums and death benefit.
• Yearly Renewable Term: Premiums rise with age but coverage renews annually.
• Decreasing Term: Benefit decreases over time, suitable for mortgages.

Additional Features to Consider: Consider a Return-of-Premium Rider , although it may increase costs. A Convertible Term allows for a switch to permanent coverage without a medical exam.

Why Act Now? With 102 million U.S. adults underinsured and rates increasing, especially for older buyers, now is a crucial time to secure coverage. Many overestimate the cost — with 72% of people overestimating term life insurance costs.

When to Reassess Existing Coverage: Evaluate your needs if you've taken on new debt, added caregiving duties, lost employer coverage, experienced income changes, or want to lock in lower premiums while younger.

Life is dynamic, and your insurance should adapt accordingly. Protection is within reach, and small steps today can secure peace of mind for tomorrow. Consider getting a personalized quote or speaking with a licensed insurance advisor to explore options that suit your needs.