Life is full of changes. Whether you're buying a home, welcoming a new family member, or switching careers, reassessing your financial priorities is natural. At these pivotal moments, term life insurance stands out as an affordable way to protect your loved ones.

What is Term Life Insurance?

Term life insurance is among the simplest and most cost-effective forms of life insurance. The policyholder chooses a term length—usually 10, 20, or 30 years—and a coverage amount. If the insured passes away during this period, their beneficiaries receive a tax-free payout.

Benefits of the Payout

The death benefit can be used in various ways: covering mortgage payments, funeral costs, daily living expenses, or college tuition. This flexibility ensures your family can maintain their standard of living even in your absence.

Types of Term Policies

• Level Term: Both premiums and death benefit remain constant throughout the policy term.
• Yearly Renewable Term: Coverage renews annually, although premiums increase with age.
• Decreasing Term: Primarily used alongside mortgages, where the death benefit decreases over time, keeping premiums stable.

Additional Features to Consider

Some term policies offer extra benefits, such as a return-of-premium rider, which refunds all paid premiums if you outlive the policy. You might also consider a convertible term, allowing you to transition to permanent coverage without a medical exam later.

Why Act Now?

With 102 million U.S. adults lacking sufficient life insurance and rates on the rise, particularly for older buyers, now is a good time to secure coverage. Moreover, 72% of Americans overestimate term life insurance costs—making it more accessible than most realize.

When to Reassess Your Coverage

If you've taken on new debt, had children, lost employer coverage, or had a significant income change, it might be time to reassess your existing policy. Rather than cancel, consider layering your coverage to lock in lower premiums while you're younger.

Remember, life isn't static, and insurance shouldn't be either. Empower yourself with the knowledge that affordable, effective protection is within reach. Consult a licensed insurance advisor or get a personalized quote to explore the options suited to your needs today.