Term Life Insurance will pay out a pre-determined lump sum to your named beneficiaries in the event of your death. The ‘term’ in term life simply means that the insurance policy is only valid for a designated length of time – typically either 10 or 20 years – after which it cannot be renewed. During that period, you will be covered as long as you have made the required payments and your coverage has not lapsed.

What is Term Life Insurance useful for?

For your loved ones, life insurance can be useful for many things. For example, it can:

• Replace income to make sure your children are cared for;
• Create a source of savings, perhaps to fund a college education;
• Help a surviving spouse keep a home and pay other loans;
• Pay taxes to help pass down a business or estate;
• Establish a legacy for a charity, school or church.

If anyone depends on your income, you need life insurance. It’s important to find a plan now as it becomes more difficult to find coverage with aging and changing health conditions. Making sure your loved ones are taken care of in the long run is guaranteed to bring you peace of mind.

Primary earner

If you have a family and are the primary income earner in your household.

Expenses to cover

Rent, mortgage, medical bills, and other debt can be an undue burden if you unexpectedly die.

Peace of mind

Leave the ones you love one less thing to worry about.

How much do I need?

When deciding how much you need it’s important to consider your family’s immediate cash needs, their long-term finances, as well as assets and debt obligations. You can find several calculators online to help you determine what’s appropriate for your needs.