Incorporating Term Insurance into Your Financial Plan

 

What is Term Insurance?

  • Term Insurance protects you for a limited number of years (Example: Term 10, Term 20, or up to a specific age)
  • Upon passing if in force, typically beneficiaries receive a lumpsum, tax free, death benefit
  • Upon passing if expired, no payment is made to your beneficiaries 
  • Depending on your policy, there could be options to renew or convert to permanent life insurance with no medical examination

 

Varying Cost

  • Typically, term insurance is more affordable than permanent insurance
  • Age as a factor, often the younger your age the lower the rate
  • Amount of coverage, more coverage is typically more expensive

 

Be sure to review and revisit the specific terms of your policy on a regular basis