Life insurance · Term
Term life.
A finite-duration insurance policy. Coverage for a defined window — 10, 15, or 20 years — at a fixed premium, with no cash value.
Term life is the simplest and cheapest form of life insurance. You pay a monthly premium for a set number of years. If you die during the term, the policy pays a defined death benefit to your beneficiary. If you outlive the term, the policy ends and there is no cash value to recover.
For people in retirement, term life insurance fits specific situations: covering a remaining mortgage balance, supporting a dependent for a finite period, equalizing inheritances among children, or bridging a gap until pension or other income becomes guaranteed.
Term is generally not the right product when the goal is leaving a guaranteed legacy or covering final expenses, because the policy may end before you do. Whole life or final expense insurance fits those goals better.
Premiums for term life rise sharply with age. A 65-year-old applying for new term coverage will pay significantly more than the same person at 55, and underwriting may require a medical exam. We can run quotes from multiple carriers if term is the right product for your situation.
Next step
See whether term fits your situation.
We will run the numbers, compare carriers, and tell you whether term is the right product or whether something else fits better.