Term Life Insurance

Term life insurance consists of three basic elements:

  • Level Death Benefit
  • Level Premium
  • Length of Term Coverage

Term life insurance consists of three basic elements:
Issue ages usually align with term lengths to match average mortality tables with length of coverage.
Maximum issue age for 10 years guaranteed is normally age 80.
Maximum issue age for 15 years guaranteed is normally age 75.
Maximum issue age for 20 years guaranteed is normally age 70.
Maximum issue age for 30 years guaranteed is normally age 55.

What are the common reasons for purchasing a Term Life Insurance Policy?

  • The premiums remain the same and do not increase until end of desired term.
  • Can provide a large amount of death benefit with the lowest cost for coverage.
  • Can pay off debt or obligations which have a time length – ie… 30yr mortgage, 4 yrs of college, income loss of 10 years.
  • Affordable protection when you need it the most.
  • When you are young, you may be the least likely to die, however; if you do, you have the most to lose! Loss of income for your family and large debts to pay off.


Who should buy Term Life?

  • Anyone with a specific goal or obligation to be met within a 30 year time period should consider Term Life.
  • Young families need more coverage; older families need the lower premiums. It is a viable option up till 75-80 if your health remains okay

Who should not buy Term Life?

If you want to make 100% sure that your coverage will be in force when ever you die, even if 105 years old, a term life may not be a good option for you. Certain estate planning scenarios do not work well with term life. If you know your family’s history is less than ideal, you may want to consider a more permanent policy. One big value however found in a good term life policy is that they will generally have a Conversion Option within the policy. This will allow you to convert to a more permanent policy at a later date. Be sure to ask your agent for the specifics on how that works.

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