A type of insurance that provides coverage for a specific term, typically 10, 20 or 30 years. If the insured individual dies within that term, the beneficiaries will receive a death benefit… the death benefit could be paid out monthly, annually, or as a lump sum (a one-time payment) It’s generally seen as the most affordable option compared to other types of insurance.
For example… a healthy guy in his 20s or 30s could expect to pay a $30-40 monthly premium for a 30-year contract with a death benefit of $500,000*.
When to Consider Term Insurance
If you are on a tight budget or need a short-to-medium coverage for a specific term, for example a debt or mortgage.
Many individuals get stuck trying to understand Life Insurance…if that’s you! Get unstuck and speak to one of our expert advisor’s and get the answers you need.
Fun Fact: Did you know individuals believe the cost of insurance is 3 – 5 times higher!
*See disclaimer section