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About Term Life Insurance

Before you buy protection, learn more about it. Read about this valuable coverage to decide if it's right for you.

What It Is

When you buy a plan online, you want to make sure you're getting a product that's right for your needs. Generally, this is the cheapest and simplest form. It provides protection to your beneficiaries for a limited term, usually 10, 20, or 30 years. If you die while your policy is in effect, your beneficiaries would receive the agreed upon death benefit. If you are still alive when your policy expires, your benefit will end unless you renew your policy. It does not offer accumulation benefits, meaning your policy will not accrue cash value over time.

Who Should Buy Protection Online

This product is not for everyone. Why should you buy term life insurance online? You should purchase a plan if you fall into any of the following categories:

  • You have a temporary need for a plan
  • You would like to supplement existing coverage because of additional financial obligations (new mortgage, college tuition, etc.)
  • You require a large amount of coverage but are on a tight budget
  • You have special business needs (for example, if you are a business owner who would like to cover an important employee until his/her retirement)

Benefits to Consider

The benefits you stand to receive when you buy term life insurance online are considerable. Here are a few of the biggest selling points:

  • Term options offer low-cost premiums
  • Beneficiaries usually receive death benefit tax-free
  • Most options can be easily converted to a permanent policy if need be
  • Easy way to supplement existing coverage when you have additional financial commitments