You can personalize your coverage by 1) choosing your term length and 2) choosing your coverage amount. In general, policies with shorter terms and less coverage cost less. When customizing your plan, here are a couple things to think about:
You may want a term length that lasts until you retire, your children are grown and are no longer dependents, your mortgage is paid off, or you reach your savings goals.
You may want enough coverage that could cover your income, debt, mortgage, and your children’s college tuition.
Still not sure what you need? Try our Coverage Calculator to help you figure out what you need.
Term life insurance is a simple and affordable way to provide financial support for your loved ones in case something happens to you. It provides insurance for a set period of time (a “term”) and promises a set coverage amount to your loved ones if you pass away during your term. Your beneficiaries would receive a lump-sum payment (known as the “death benefit”), which be used to help them cover things like mortgage bills, debt, college tuition, or income loss.