Affordable, temporary coverage designed for your peak earning and liability years.
Term life insurance is the most straightforward type of life insurance. You pay a fixed premium for a set period — typically 10, 20, or 30 years — and if you pass away during that term, your beneficiaries receive a tax-free death benefit. If you outlive the term, the coverage simply ends with no payout.
Think of it like renting coverage rather than buying it. You get a large amount of protection at a relatively low cost during the years your family needs it most — while your children are growing up, while you're paying off a mortgage, or while your income is essential.
The mechanics are simple:
Term life insurance is surprisingly affordable. A healthy 30-year-old can often get a 20-year, $500,000 policy for around $25–$35 per month. Your actual premium depends on:
When your term expires, coverage stops unless you renew (usually at a much higher rate) or convert to a permanent policy if your policy includes a conversion rider. Many people plan their term to end when their mortgage is paid off and their children are independent — at which point they may no longer need life insurance.
Yes. You can cancel at any time by stopping payments. There are no surrender charges or penalties, though you won't receive any money back.
Many term policies require a medical exam, but some companies offer no-exam term life (often at slightly higher rates). The exam typically includes blood work, urine sample, blood pressure check, and a health questionnaire.
Most term policies include a conversion option that lets you switch to a permanent policy without a new medical exam. There is usually a deadline (often before age 65 or within the first 10–20 years of the policy).