Life changes such as buying a home, having a child, or switching jobs often lead us to reassess our financial priorities. If you're exploring options to protect your loved ones financially, term life insurance could be a practical choice.

What is Term Life Insurance?

Term life insurance is a straightforward and affordable coverage option. You select a term length (10, 20, or 30 years) and coverage amount. If you pass away during the term, your beneficiaries receive a tax-free payout, helping them with expenses like mortgage payments and tuition costs.

Why Consider a Term Policy Now?

With 102 million U.S. adults lacking adequate life insurance, it's crucial to act soon. Rates are increasing, particularly for older buyers. It's important to know that 72% of Americans mistakenly overestimate term life insurance costs.

Types of Term Policies

You can choose from several term policies:

• Level Term: Premiums and benefits stay the same throughout the policy.
• Yearly Renewable Term: Premiums increase with age, but the policy renews annually.
• Decreasing Term: Ideal for mortgage payoffs; coverage decreases over time while premiums remain stable.

Additional Features to Explore

• Return-of-Premium Rider: Receive your premiums back at the policy term's end, though this option may cost more.
• Convertible Term: Convert your term policy to permanent coverage without a medical exam.

When to Reevaluate Your Coverage

Life is dynamic, and your insurance should adapt accordingly. Consider reviewing your coverage if you've added new debt, had children, lost employer-provided insurance, or experienced a significant income change.

The Role of Technology

Innovations in underwriting, such as AI and big data, offer more personalized and quicker decisions. With accelerated underwriting, many insurers provide options that require no medical exams, making the process faster and easier.

By understanding these aspects of term life insurance, you can make informed decisions to secure the future of your loved ones. Consider speaking with a licensed insurance advisor for a personalized quote tailored to your needs.