The most affordable way to protect your family for a set period
Term life covers you for a fixed number of years — usually 10, 20, or 30 — for the lowest cost of any life insurance. If you pass away during the term, your family receives a tax-free payout. It’s the right fit for most families protecting their working years.
You choose a coverage amount (the death benefit) and a term length. Your premium is locked in and level for the whole term. If you die while the policy is active, your beneficiaries receive the benefit income-tax-free. If you outlive the term, coverage simply ends — there’s no payout and no cash value.
Because it only pays a death benefit and lasts a set time, term is dramatically cheaper than permanent insurance — often a healthy 35-year-old can get several hundred thousand dollars of coverage for the price of a streaming subscription or two.
Most term policies are “level term,” meaning the premium and benefit stay the same for the entire term. When the term ends, many policies let you renew annually at a much higher rate, or convert to permanent coverage without a new medical exam — a valuable option if your health has changed.
A common approach is to match the term to your biggest obligations — a 30-year term to cover a new mortgage and young kids, for example. Some people “ladder” two policies (a large 20-year plus a smaller 30-year) so coverage steps down as debts shrink and savings grow, keeping costs low.
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Coverage ends and there’s no payout. That’s by design — term is meant to cover the years your family needs it most. Many policies let you convert to permanent coverage or renew if you still need protection.
Usually yes. Most term policies include a conversion rider that lets you switch to a permanent policy without a new medical exam, within a set window. It’s useful if your health changes or your needs become lifelong.