Term Life Insurance

Life Insurance 101

What is Term Life Insurance?

Term life insurance is a simple and usually the most affordable type of life insurance. It covers you for a specific period of time. If anything happens to you during that time, your beneficiaries get a lump sum of money called the “death benefit.” This money can help them pay for things like bills, debts, and other expenses.

There are various term timeframes, and you always have the option to renew them. You pay a set fee for the entire term, making it easier to budget and plan.

Typical Terms

10 year • 15 year • 20 year • 25 year • 30 year

How Does Term Life Insurance Work?

Choose Your Coverage

Select a coverage amount and term duration that aligns with your financial needs and future plans.

Pay Premiums

Pay regular monthly, quarterly, or annual premiums to maintain coverage throughout the policy term.

Receive Protection

If you pass away during the term, your beneficiaries receive the death benefit—a tax-free lump sum—to help cover expenses or replace lost income.

Flexibility

Term life insurance often offers flexibility, allowing you to convert to a permanent life policy or utilize part of the death benefit while you are still living, should you become confined to a nursing home or diagnosed with a critical illness.

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Who Should Consider Term Life Insurance?

Term life insurance is a great pick if you're looking for affordable and simple coverage for a specific period of time.Term life insurance might be the right fit if:

You’re a parent: Keep your kids' future safe and sound by making sure they're financially secure, especially during their formative years.
You’re the primary earner: Protect your family's financial stability by replacing lost income if you pass away unexpectedly.
You have debt: Cover any outstanding loans, mortgages, or other financial obligations to make sure your loved ones don't have to deal with them.
You own a business: Ensure your business can keep running by providing funds for buyouts or maintaining operations.

Everyone’s needs are unique, and it can be difficult to know what type of life insurance and what term is right for you.Paul is here to guide you through the process, ensuring you find the right term life insurance that fits your lifestyle and financial goals.

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