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