Term Life Insurance
Affordable protection for life's biggest commitments
A simple, time-bound policy that pays your beneficiaries a tax-free benefit if you pass away during the term. Most popular for covering a mortgage, raising children, or replacing income during your highest-earning years.
The Basics
What is term life insurance?
Term life insurance pays a lump-sum death benefit to your beneficiaries if you pass away within a fixed period — the "term." Terms are typically 10, 15, 20, 25, or 30 years, and you choose the length based on how long you need the protection.
Think of it as the simplest possible life insurance: you pay a level premium each month, and if you die during the term, your family receives the death benefit. If you outlive the term, the policy ends and there is no payout — which is exactly why term costs a fraction of permanent insurance.
For most working-age adults with dependents, term life is the right starting point. It covers the years when your family is most financially dependent on your income, then ends when those obligations naturally wind down.
The Process
How it works, start to finish
From first quote to policy in force, the path is more straightforward than most people expect.
Request a quote
Tell us your age, health, desired coverage amount, and term length. We pull comparable quotes from several carriers.
Choose a carrier
We walk through the options, explain the tradeoffs, and you pick the policy that fits.
Apply & underwrite
Complete the application. Most policies involve a brief medical exam or a no-exam underwriting path.
Policy issued
Once approved, you sign, pay the first premium, and coverage is in force the same day.
Who Buys It
Who term life fits best
Term is the right choice when you have a defined financial obligation and a defined window of time.
Homeowners with a mortgage
A 30-year term covers the years your family would owe the bank if something happened to the primary earner.
Parents of young children
Coverage that lasts until your children are financially independent — typically 18 to 22 years from now.
Income replacement
Cover 10–15× your annual income to give your family time to stabilize and adjust without your earnings.
Business partners
Buy-sell agreements often use term policies to fund the buyout of a deceased partner's share.
Stay-at-home parents
The unpaid work of raising children has real replacement cost. Term life covers that economic value.
Anyone with co-signed debt
Private student loans, business loans, or anything where another person's finances depend on yours.
Term vs Whole Life
How term compares to permanent life
The other major life insurance category is permanent (whole or universal life). Here's how the two compare on the dimensions that matter most.
| Term Life | Whole Life | |
|---|---|---|
| Coverage length | Fixed term (10–30 years) | Your entire life |
| Typical monthly cost | Lower (often 5–10× cheaper for same death benefit) | Higher |
| Cash value | None | Builds guaranteed cash value over time |
| Death benefit | Paid if death occurs during term | Paid whenever death occurs |
| Best for | Defined-window obligations (mortgage, children at home, income years) | Estate planning, lifetime coverage, leaving a guaranteed legacy |
| What happens at end of term | Policy ends; renewals or conversion options vary by carrier | Continues for life as long as premiums are paid |
Specific premiums, conversion options, and policy features vary by carrier and by your individual health profile. Learn more about whole life →
Common Questions
Term life FAQ
How much term life insurance do I need?
A common starting point is 10 to 15 times your annual income, plus any large debts like a mortgage. So if you earn $80,000 a year and have a $300,000 mortgage, you might consider $1.1M–$1.5M in coverage.
That said, your real number depends on your family's specific obligations: dependents' future education, lost retirement contributions, final expenses, and how much your partner already earns. We'll walk you through a needs analysis as part of any quote.
What term length should I choose?
Match the term to your longest financial obligation. If your youngest child is 5 and you want coverage until they finish college, that's 17–18 years — a 20-year term fits. If you have a fresh 30-year mortgage, a 30-year term aligns with that.
Longer terms cost more, but lock in your premium for that whole period. Shorter terms are cheaper but renewal at the same rate is rarely possible if your health has changed.
Will I need a medical exam?
Most term policies still involve a brief medical exam — usually a paramedical visit at your home or office, taking about 30 minutes and including a blood draw, urine sample, blood pressure, and basic measurements.
"No-exam" or "accelerated underwriting" policies are increasingly available, especially for healthy applicants under 50. They cost slightly more but issue in days rather than weeks.
What happens if I outlive my term?
The policy expires and there's no payout. This is by design — it's why term costs so much less than permanent insurance.
Most term policies include a conversion option, letting you swap into a permanent policy at the carrier's then-current rates without a new medical exam. This is useful if your health has declined and you decide you want lifetime coverage. The conversion window varies by carrier (often expires at age 65 or after a set number of years).
Can I have more than one term policy?
Yes. A common strategy is "laddering" — buying two or three policies with different term lengths and amounts that decline over time as your obligations decrease. For example, $500K for 30 years (mortgage) plus $500K for 20 years (kids) plus $250K for 10 years (peak debt window). Premiums step down as each policy expires.
Is the death benefit taxable?
Generally, life insurance death benefits paid to a named beneficiary are received income-tax-free under federal law. Large estates may trigger federal or state estate tax considerations — for those situations we'd recommend coordinating with a tax advisor and possibly an estate attorney.
Free Tool
Not sure how much coverage you need?
Try our free Life Insurance Needs Calculator \u2014 a quick DIME-method estimate to get you oriented before we talk. It's educational only, not a quote.
Ready to see what term life costs for you?
The quote is free, takes about 5 minutes, and creates zero obligation. We'll pull comparable rates from several carriers so you can see real numbers, not a "starting at" teaser.
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