Life is full of changes, be it buying a new home, welcoming a new family member, or starting a new job. These milestones often prompt us to rethink our financial priorities. If you're exploring life insurance as part of this reassessment, understanding term life insurance is a great place to start.

Definition of Term Life Insurance

Term life insurance is one of the simplest and most affordable forms of life insurance. It involves selecting a term length—such as 10, 20, or 30 years—and a coverage amount. Should the policyholder pass away during this term, their beneficiaries receive a tax-free payout. It's a straightforward way to ensure financial protection for your loved ones.

Common Use Cases for the Payout

The death benefit from a term life insurance policy can help cover essential expenses like mortgage payments, funeral costs, living expenses, or college tuition. It offers peace of mind knowing your loved ones' financial future is secure.

Exploring Policy Options

Term policies come with different options:

• Level Term: Premiums and death benefit remain constant.
• Yearly Renewable Term: Premiums increase with age, but coverage renews annually.
• Decreasing Term: Often tied to mortgage coverage; premiums stay stable while the death benefit decreases over time.

Additional Features

• Return-of-Premium Rider: Offers a refund of premiums if you outlive the term, though it's more costly.
• Convertible Term: Allows switching to permanent coverage without a medical exam.

Why Consider Term Life Insurance Now?

With 102 million U.S. adults either uninsured or underinsured, it's crucial to consider coverage now, especially as rates rise with age. Many Americans overestimate term life costs, but it's a viable, budget-friendly option.

Reassessing Existing Coverage

If you've taken on new debt, started a family, or experienced job changes, it might be time to layer additional coverage. Lock in lower rates now to ensure long-term security.

Remember, life's not static, and neither should your insurance be. Embrace the assurance of affordable protection today—contact an advisor for personalized options that fit your needs.