Term Life Insurance
Term Life Insurance is a type of life insurance policy that provides coverage for a specific period of time (the “term”), such as 10, 20, or 30 years. If the insured person passes away during the term, the policy pays out a tax-free death benefit to the beneficiaries.
Why Term Life Insurance is Important
1
Income Replacement
Helps replace lost income, ensuring dependents can maintain their standard of living.
2
Debt Protection
Covers outstanding debts such as mortgages, personal loans, or credit cards so family members aren’t burdened.
3
Affordable Protection
Term insurance is generally much cheaper than permanent life insurance, allowing you to buy higher coverage at a lower cost.
4
Peace of Mind
Provides financial security to your loved ones in case of an unexpected death.
5
Flexibility
Suitable for temporary needs (covering children’s education years, paying off a mortgage, or until retirement).
6
Business Continuity
Can protect a business by funding buy-sell agreements or covering key employee loss.
Key Features of Term Life Insurance
Coverage Duration
Typically, 10, 20, 30, or even 40 years, depending on plan.
Level Premiums
Premiums remain the same throughout the chosen term.
Guaranteed Death Benefit
Pays a tax-free lump sum if death occurs during the term.
Renewable
Many policies can be renewed at the end of the term (usually at higher rates).
Convertible
Some plans allow conversion to permanent life insurance without medical exam before a certain age.
Affordable Premiums
Lower cost compared to whole life or universal life insurance.
Customizable Coverage
You can choose coverage amount based on financial needs (mortgage, education, income replacement).
Riders/Add-ons
Options like critical illness rider, waiver of premium, accidental death benefit, or child coverage.
No Cash Value
Pure protection product — no investment or savings component (keeps premiums lower).
Tax-Free Payout
Beneficiaries receive death benefit without paying income tax.
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