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Term Life Insurance

Term life pays a predetermined death benefit if the insured dies during the period of time the policy is in effect. The term can range from a single year to a period ending at a specific age, such as 65 or 70. If the insured does not die during the term of the policy, the policy expires with no death benefit.

Term life is generally less expensive than other forms of life insurance since a benefit is provided only upon death and only for a limited period of time. Unlike many other life insurance policies, there is no penalty to terminate the policy before the end of the term. Since term life policies provide no accumulation of cash values or dividends, they can generally be compared to one another on the basis of their premium.

Death Benefit Shorter Term Policies Option to Exchange for Cash Value or Convert to Whole Life Policy Credit Life Insurance