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Term Life Insurance

If you’re like most people, you might think you can’t afford life insurance. However, term life insurance is a simple and, in most cases, affordable way to protect your family – and to provide guaranteed income to them – for a specific period of time, including 10, 15, 20, 25, or 30 years. Typically, the shorter the term, the lower the premium.

Even if you are diagnosed with an illness or disease after securing coverage, your premium remains the same. Term life is also usually convertible to permanent life insurance, without a physical exam or medical underwriting, either for an initial period of time or to age 65 (and beyond).

Pros of Term Life Insurance

  • Initial premiums are much lower than permanent life insurance, making the cost of coverage more affordable.
  • Term life is ideal to cover financial needs that typically go down over time, such as mortgages, education expenses, and other income requirements for young families.
  • Policies are renewable and convertible.

Cons of Term Life Insurance

  • The best time to purchase term insurance is when you’re young; the older you are at the time of purchase, the more your premium will cost.
  • Coverage ends at the end of the term or may become too expensive to continue.
  • There is usually no policy cash value.

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