Term Life Insurance

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Term Life Insurance is designed for temporary life insurance coverage. Term insurance usually has a guaranteed level premium for the length of the term period- the most common periods are 10, 15, 20, and 30 years. This is a death benefit-based product and typically has no living benefits. Clients who want large amounts of life insurance for only a specific length of time tend to benefit from term life insurance.

Also, many term products have a special feature that allows the insured to convert the term insurance to a permanent life insurance product such as whole life or universal life. The advantage of the conversion privilege is to make a policy change without medical underwriting, making it easier to leave a legacy to family or fulfill retirement or estate planning needs.

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