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What is term life insurance?
Term life insurance offers pure insurance protection for a set amount of time, such as 10 years, 20 years, or even 30 years. Because of its affordability, this type of life insurance can provide you with ample protection, typically at a low premium. It may be possible to “customize” a term life insurance policy with a variety of different riders.
How does term life insurance work?
With a term life insurance policy, a lump sum death benefit will be paid out to the policy’s beneficiary if the insured dies while the plan is in force. There is no cash value component with this type of life insurance.
Cost of term life insurance
There are several factors that go into the cost of term life insurance. These criteria typically include the following:
- Tabacco Use
- Product Type
- Coverage Amount
- Health History
- Family History
- Finacial History
- Criminal History
- Medication History
- Insurance Company
- Length of coverage (for term life insurance)
Different types of term life insurance?
Common Term Lengths
There are a variety of policy lengths that may be chosen with a level term life insurance policy. These include:
- 1 Year
- 5 Years
- 10 Years
- 15 Years
- 20 Years
- 25 Years
- 30 Years
Many life insurance companies also offer a one-year annual renewable term life option. Not all 1-year term policies are annual renewable.
Pros & Cons of Term Life Insurance
One of the biggest pros of a term life insurance policy is its affordable premium. This is particularly the case if the insured is in good health at the time of application. Another one of the pros of term life insurance, given its set length of coverage, a term policy may be a good option for those who are covering “temporary” needs, such as the payoff of a home mortgage.
Some of the cons of term life insurance include its set time period, which means that the coverage has a specific end date, as well as the fact that the premium will generally go up if the policy is renewed. One of the biggest cons of term life insurance is the fact that you can outlive your coverage.
What term life insurance won’t offer
Although term life offers a great way to secure protection at an affordable price, there are some things that this type of policy won’t offer. For example, term insurance offers only death benefit protection, without any cash value. So, for those who are seeking a way to build savings on a tax-deferred basis within a life insurance plan, a permanent form of coverage may be the better alternative.
In addition to no cash value, term life insurance will typically not offer:
- Guaranteed coverage for life
- Level premiums for life
- The ability to withdraw or borrow money from the policy
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