Term life, explained
Term life insurance, explained in plain language
No jargon. No scare tactics. Just the facts.
What is term life insurance?
Term life insurance is the simplest type of life insurance. You pick a coverage amount and a term length. If you pass away during that term, your beneficiaries receive the full coverage amount, tax-free. If you outlive the term, the policy ends. No cash value, no investment component. Pure protection — and that's why it's affordable.
How is it different from whole life?
Term covers you for a set period. Whole life covers you permanently and includes a cash value component, but costs 5 to 10 times more. For most families protecting income during working years, term is the right fit.
What does it cost?
Less than most people think. A healthy 35-year-old can typically get $500,000 in coverage for $25 to $40 per month. Four things affect your rate: age, health, tobacco use, and coverage amount. Your rate locks in for the entire term.
Who should get term life insurance?
Anyone whose death would create a financial hardship for someone else. Parents with dependent children. Homeowners with a mortgage. Families that depend on one or two incomes. Anyone with debts that would pass to a spouse or co-signer.
How much coverage do you need?
Rule of thumb: 10× your annual income, plus mortgage balance, plus $50,000–$100,000 per child for education. Subtract any existing coverage through work. Use our calculator for a quick estimate.
Use the calculator →Do you need a medical exam?
Not always. Many carriers offer no-exam underwriting for younger, healthier applicants. Larger amounts or older applicants may need a quick paramed — 20 minutes, free, comes to you.
Can you cancel?
Yes, anytime. Free-look period of 10–30 days for a full refund. After that you can still cancel, just no refund. No long-term commitment.
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