Term Life Insurance

Term insurance tends to be a good choice when you need insurance
coverage for a determined amount of time such as five, 10, or 20 years,
or until your children reach a certain age, etc. At the end of the specified
time, the policy expires. Term insurance premiums are generally less than
permanent insurance.

The benefits of a term insurance policy are:

• Lower initial premiums.
• Coverage for a specified period of time.
• Policy can usually be converted to a permanent policy at a
  future date without proving medical insurability.

Some examples of when you would purchase term insurance:

• You purchase a home with a 20-year mortgage and you want
  to be sure that the insurance will pay off the mortgage for your
  family in the event that you die before the mortgage is paid off.
• You purchase a small business, either through your bank or the
  Small Business Administration, and you need to use a life
  insurance policy as collateral on the loan.
• You cannot afford a permanent policy at this time in your life
  but you know you have a need for life insurance. Newlyweds
  or parents of young children often purchase term insurance for
  this reason.
    

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