Term Life Insurance Policies

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Term Life Insurance

What is Term Life Insurance?

The “Term” in term insurance means a fixed period of time, like a President’s term in office. It’s designed to last for that predetermined amount of time (typically 10-30 years), at which point the initial term will expire. During this term the premium remains fixed and can be paid monthly, quarterly, or annually.

If you die during the term, the policy pays your beneficiaries a cash payment - the “death benefit”. Once the term lapses, the policy is done, and in most cases, there is no return of previous premiums.

What are the Benefits?

  • Term policies are more affordable, requiring a lower cash outlay for a high death benefit.
  • Useful for people with limited cash flow, but with high income protection needs.
  • You have a family that would need to replace lost income to handle expenses such as a mortgage or childcare.

What are the Drawbacks?

  • 99% of people survive their terms.
  • Premiums represent a lost opportunity cost assuming one doesn’t die during the term.
  • Value of the death benefit declines over time due to inflation and general life expenses.
  • Premiums must be paid on-time. Missed premiums can lead to a lapse in the policy.

Want to know if a Term Life Insurance policy is right for you?

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