Term Life Insurance
Also known as
Level Premium Life Insurance
Term life insurance is the simplest form of life insurance protection. It is generally purchased for 5, 10, 15, 20, 25, or 30 year term periods, and has a level premium for every year of the term. That is why this type of life insurance is also known as level premium life insurance—the premiums remain level for the duration of the term.
Term life insurance is the most inexpensive type of life insurance. It is most often purchased as a way to cover debt or mortgage and to provide financial protection when you need it most.
Many people in their 20s and 30s do not think about getting term life insurance, but that is the best time to purchase it. Rates for individuals in those age brackets will be cheaper than for older individuals.
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If you are thinking of purchasing term life insurance, most industry professionals would suggest getting a policy where the death benefit is equal to 8-15 times your annual income. In some instances you may even want to insure yourself up to 20 times your annual income.
Always be sure to take into account any debt you may have (cars, mortgage, etc.), the costs of raising any children you may have (college?), and the cost of supporting your significant other in a lifestyle similar to the one in which you currently find yourself. You can also take into account inflation, which could affect the value of the money you leave behind.
(For an easy way to determine how much coverage you should get, use our term life insurance calculator.)
Term life insurance is relatively easy to get. In 4-8 weeks, most term life insurance companies can underwrite your policy and have it in force. The only major requirements will be filling out the application, taking the free life insurance medical exam, and paying the premiums.
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