Term Life Insurance
Provide for your loved ones
Term life insurance provides essential financial protection for your family in case of your death. It is a straightforward insurance product that pays out a death benefit if you pass away within the specified term of the policy, which can range from one to 30 years. This coverage helps your family manage financial responsibilities like mortgages, loans, college funds, and daily expenses in your absence.
Provide for your
loved ones
Term policies pay a set benefit amount to your family in the event of your death.
Choose the term
of your coverage
You purchase a term policy for a
set period of time, usually
one to 30 years.
Save money with
term policies
Term life policies are the simplest and most affordable form of life insurance.
What is term life insurance?
Term life insurance is popular among young families because it offers substantial coverage at a lower cost. Since it is available for a limited time and does not include a savings component, term policies have lower premiums. This makes them an ideal choice for short-term financial goals like paying off loans or providing extra protection while children are young. Term life insurance is a cost-effective way to ensure financial security for your loved ones in case of unexpected events.
How much does
term life insurance cost? 
The premium for a term life insurance policy is influenced by various factors including your age, gender, health history, family health history, smoking status, life expectancy, driving records, occupation, and hobbies. Insurance companies consider these factors to assess your risk and determine the appropriate premium for your coverage. Your premium amount also depends on the value of the policy (death benefit) and the length of the term. Many policies offer guaranteed premiums, ensuring that your rates won't increase during the term. Overall, term life insurance offers substantial coverage at an affordable cost, making it an attractive option for individuals and families seeking financial protection.
How much life insurance coverage
do you need?
Choosing the right amount of coverage in your life insurance policy is essential. You should consider your family's financial needs in the event of your death, such as replacing your income, covering the mortgage, or funding your children's education. Life insurance policies can vary in terms of the amount of coverage they offer, and some require a medical exam for higher coverage amounts.
Working with a knowledgeable agent can help you determine the appropriate level of coverage for your specific needs. It's important to choose a reputable insurance company known for its ability to process and pay out claims. This ensures that your loved ones will receive the financial support they need when the policy is activated.
Types of term life insurance include:
Level Term
Life Insurance
The death benefit remains the same throughout the duration of the policy, regardless of term.
Decreasing Term
Life Insurance
The death benefit drops, usually in one-year increments, over the course of the policy term.
Pros and cons of term life insurance
Term life insurance is a budget-friendly option that offers significant coverage. You can choose the term length that matches your specific needs, such as the length of your mortgage. Many term policies also come with the option to convert them into permanent policies if your needs change in the future. However, it's essential to be aware that term policies only provide coverage for a set term, and the premiums can become more expensive when the policy renews.
Types of term life insurance include:
Common term lengths of level term policies include:
- Annually renewable term
- 5-year renewable term
- 10-year term
- 15-year term
- 20-year term
- 25-year term
- 30-year term
The most popular term policy is for 20 years.
Best term life
insurance companies
Working with an independent agency like Beacon Insurance Solutions provides you with the advantage of having access to multiple reputable life insurance companies. This allows you to compare policies and choose the term life insurance solution that best fits your unique needs and preferences.
What happens at the end of term life insurance?
Life is full of changes, and your life insurance needs can evolve with it. It's important to periodically assess your coverage and make adjustments to ensure that your family's financial well-being is adequately protected. Whether you need more or less coverage or a different type of policy, there are options available to adapt your life insurance to your current circumstances. Working with an experienced agent can help you navigate these changes and make informed decisions about your life insurance coverage.
What is convertible
term life insurance?
Converting your term life insurance policy to a permanent life insurance option can have several advantages, including stable premiums, cash value accumulation, and potentially limited underwriting requirements. However, it's important to note that not all term policies are eligible for conversion, and the specific benefits of conversion can vary among insurance companies. If you're considering converting your term policy, it's advisable to consult with your insurance company or agent to understand the terms and options available to you. This can help you make an informed decision based on your unique circumstances and needs.
Term life insurance
vs whole life
Term life insurance offers coverage for a specific period and is generally more affordable, while whole life insurance provides lifelong coverage with cash value accumulation but comes with higher initial premiums. Making the right choice between these two types of life insurance depends on your individual needs and financial situation. As you mentioned, working with an experienced agent can help you navigate these options and choose the best policy to protect and provide for your loved ones.
Does term life insurance have a cash value?
No, typically term life insurances only offer a death benefit. If you are looking for life insurance with a savings or investment vehicle to be used as an asset during your lifetime, you should consider whole life or universal life insurance.
Learn more about our whole life insurance.
What does "return of premium" mean?
Certain term life insurance policies come with a unique feature known as a "return of premium." This means that if the policy's death benefit is not paid out during the term, you will receive a refund of a portion of your premiums at the end of the term. This feature essentially creates a cash value associated with the policy, which is why premiums for such policies are usually higher compared to traditional term life insurance policies.
Term Life Insurance quotes
When you're prepared to purchase life insurance, I'm here to assist you. I will gather quotes from various life insurance companies to provide you with the finest term life insurance choices.