Term life insurance
The most coverage for the years you need it most
Term life insurance protects your family for a set period with level premiums — often the most affordable way to buy substantial coverage.
What it is
Coverage for a set number of years
Term life insurance covers you for a specific period of years. If you pass away during the term, your beneficiaries receive the death benefit. If you outlive the term, coverage ends unless you renew or convert it.
Because term coverage is temporary and usually has no cash value, it is often the most affordable way to buy a large amount of life insurance.
Common term lengths
10, 15, 20, 25 and 30 years are typical. Premiums usually stay level for the entire term.
Coverage amounts
Commonly from $100,000 to several million, based on need and underwriting.
Conversion options
Many policies can convert to permanent coverage without new medical questions, within set deadlines.
Who it may fit
Term life is often used for temporary needs
- Young familiesProtect your income while children are growing up.
- Mortgage protectionMatch a term to the years left on your loan.
- Income replacementReplace years of earnings your family would lose.
- Temporary obligationsCover a business loan, college years or other debts with an end date.
FAQ
Common questions
What happens when my term ends?
Coverage stops. Some policies can be renewed year by year at much higher rates, and many can be converted to permanent coverage before a deadline set in the policy.
How much term coverage should I get?
A common approach adds up income you’d want replaced, your mortgage and debts, education goals and final expenses, then subtracts existing coverage and savings. Try our calculator for an estimate.
Do I need a medical exam?
Not always. Some carriers offer accelerated underwriting without an exam for qualifying applicants; others require an exam depending on age, amount and health.
Can I cancel a term policy?
Yes. You can stop paying premiums and the policy will lapse. Term policies generally have no cash value to return.