What it is:

Term Insurance is a type of temporary insurance that provides life insurance protection with no cash value or growth. It can be purchased as one year renewable term or, most commonly, for a certain period (10, 15, 20 or 30 years). At the end of the term period, premiums will become much higher and, if premiums are not paid, coverage will expire.


  • Provides life insurance coverage for a period of time at low cost
  • May be converted to permanent life insurance in the future


Premiums for Term insurance generally start out very low and rise until they become very high and cost prohibitive. Term insurance will be the least expensive when you are the youngest. With one year renewable term, premiums continually rise every year. For a 10, 15, 20 or 30 year term, premiums are level for a set period and will then jump to the expensive one year renewable rates.

Who is it for:

For those who want life insurance protection for their family and/or business at a relatively low price for a certain period of time.

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Recommended Videos about Term Insurance:

Recommended Podcasts about Term Insurance:

Term Insurance EP.14

Planning For the Future EP.93

Term Life Insurance EP.55