Term Life Insurance

Straightforward, budget-friendly life protection for a set number of years

Term Life Policy

What is a Term Life Policy?

Term life insurance provides coverage for a specific period—typically 10 to 30 years. If the policyholder passes away during the term, a tax-free death benefit is paid to the beneficiaries.

  • Fixed terms: 10, 20, or 30 years
  • Affordable and predictable premiums
  • Payout goes directly to your beneficiaries

Is It Right for You?

Term life insurance is ideal if you need affordable coverage during specific stages of life, such as raising a family or paying off a mortgage.

  • Lower cost than permanent life insurance
  • Consistent premium rates
  • Best for people with short-to-mid term financial responsibilities
Example: A 30-year-old can lock in a 20-year term for a fraction of the cost of a whole life policy—perfect for covering growing family needs.

What Does It Cover?

Your beneficiaries can use the death benefit to cover expenses such as:

  • Mortgage or rent
  • Lost income
  • Student loans or credit card debt
  • Children’s education
  • Day-to-day living expenses
  • Funeral and final expenses

Claims & Payouts

If you pass away during the policy term, your beneficiary submits a claim to the carrier. A tax-free, lump-sum death benefit is paid out, typically without delay or taxation.

Example: A $500,000 term policy results in a $500,000 payout to your family upon your passing—tax-free.

Payout Risks?

A claim might be denied if:

  • The application contained false or incomplete information
  • Death occurred due to suicide within the first 2 policy years

When the Term Ends

  • Renew your current policy (may raise rates)
  • Apply for a new policy with new term/amount
  • Let the policy lapse (no renewal)
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