Life is constantly changing, and with each milestone—buying a home, welcoming a child, or switching jobs—it's crucial to reassess our financial priorities. Term life insurance is an excellent, straightforward option to ensure financial security for your loved ones. Here’s what you need to know.

Understanding Term Life Insurance

Term life insurance is one of the most simple and affordable forms of life insurance. You choose the coverage amount and the term length—10, 20, or 30 years. If you pass away during this period, your beneficiaries receive a tax-free payout. This coverage can help cover mortgage payments, funeral costs, living expenses, or college tuition.

Types of Term Policies

There are different types of term policies to consider based on your needs:

• Level Term: Premiums and death benefits remain unchanged throughout the term.
• Yearly Renewable Term: Coverage renews annually but premiums increase as you age.
• Decreasing Term: Often paired with mortgages, the death benefit decreases over time while premiums stay the same.

Additional Features

Explore these features to enhance your policy:

• Return-of-Premium Rider: This allows for a return of premiums if you outlive the term, although it's more expensive.
• Convertible Term: Provides the option to switch to permanent coverage without a medical exam.

Why You Should Act Now

Surprisingly, 102 million U.S. adults lack sufficient life insurance, often due to overestimating costs by 72%. Additionally, rates are on the rise, especially for older buyers. Lock in lower premiums now to secure financial protection.

Re-evaluating Your Coverage

Major life changes call for a reassessment of your policy. Whether you've taken on new debt, added caregiving responsibilities, or lost employer coverage, consider adjusting or layering coverage to better suit your evolving needs.

Life continues to change, and so should your insurance coverage. Term life insurance offers peace of mind at an affordable rate, empowering you to take small steps today for peace of mind tomorrow. Speak with a licensed insurance advisor to explore personalized options.