The Builder — Term Life Insurance

What term life insurance is

Term life insurance is the simplest, most affordable kind of life insurance. You choose a length of time — called the "term" — and the policy pays a set amount of money (the "death benefit") to the people you name if you pass away during that term. Common terms are 10, 15, 20, 25, or 30 years. If the term ends and you're still here, the policy simply expires — though many policies can be renewed or converted to permanent coverage.

How it works

You pick two things: how long you want the coverage to last, and how much you want it to pay. Then you pay a monthly or yearly amount (the "premium") to keep the policy in force. As long as you keep paying the premium, the coverage stays in place for the length of the term.

Why people choose term coverage

Term life is built for the years when your family depends on your income the most — while you're paying off a mortgage, raising children, or building a business. It lets you get a large amount of coverage for a relatively low cost, so the people who count on you are protected during the stretch that matters.

Common uses for term life

• Replacing income so your family can keep paying everyday bills if you're no longer there.
• Protecting a mortgage so the house can stay in the family.
• Covering children while they're young — through school, activities, and the years they still need support.
• Protecting a business — covering a loan, a partner agreement, or a key person for a set period.

A few things to know

• Term coverage lasts for a selected period of time. It's not designed to last your whole life.
• It generally does not build cash value. It's protection, not an investment.
• Your premium and coverage amount depend on the policy and on you as the applicant — things like your age, health, and the length of the term all play a role.
• For many people, term insurance is an affordable way to get a larger amount of coverage than they could with a permanent policy.

Want to learn more or see a quote?

You can start your own application through our secure quoter, or reach out and we'll talk through whether term life fits your situation.