Instant Life Insurance Quotes Click here, enter your basic information, and we'll provide you with several quotes to choose from.

What is Term Life Insurance?

Term Life Insurance is coverage that pays a death benefit to the Primary Beneficiary upon the death of the insured individual for a specified term. Should the insured die within the predetermined time frame, the Primary Beneficiary would receive compensation for the insured amount.

Term Life Insurance is more useful when your needs are on a temporary or short term basis: paying for your children's college tuition, paying off a 20-year mortgage, or providing a family income for a short term.

There are three types of Term Life Insurance:

Annual Renewable Term: This is a year-to-year life insurance policy that is always based on your present age and can (usually) be automatically renewed until you are 70 years of age.

Fixed-Rate Level Term: This type of policy is usually setup in 5-year increments. The Fixed Rate Term allows for an insurance company to cut costs by eliminating the setup fees required for establishing a new policy (such as the year-to-year version of the Annuable Renewable Term). These cost reductions are then passed on to the insured individual through lower insurance premiums.

Decreasing Term: This type of policy decreases in value but maintains the same yearly insurance premium. Basically, it's a fixed premium rate policy that decreases in net value as time goes by. This type of policy is usually not renewable. Most insurance experts agree this is the worst type of life insurance policy for an individual to purchase.