Term life insurance can provide simple, affordable financial security. A life insurance policy ensures that if you unexpectedly pass away, your dependents will receive a tax-free, single payment of money (the payout or death benefit).
With term life insurance you choose how many years your policy will last (the term length) and the coverage amount that will be paid out if you die. You pay a monthly or annual price for your policy (the premium).
A life insurance payout can be used for pretty much anything, but people often use them to pay off:
Did you know:
Over half of Americans overestimate the cost of term life insurance by 3x or more? (LIMRA 2019). So, if you’re reading this and thinking I probably can’t afford a policy, think again!