Term Period - Term Life Insurance

The Term Period is the number of years you will have life insurance protection in force. Term life insurance allows individuals to purchase policies in blocks of time (i.e. *5,10,15,20,*25 &30 years). Each individual must take into consideration the reasons for which they are purchasing the term life coverage to determine the appropriate term period before you get a term life insurance quote

Example 1:
A married couple with ten years left on their home mortgage and two children, ages 6-8, would likely choose a 15 year plan. This plan would cover them until the mortgage is paid-off and the youngest of their children are no longer dependents.

Example 2:
A business owner who has a ten year loan would more than likely choose a 10 year plan. The coverage would be in force during the period of time they would be carrying the debt. it is important to remember term life insurance is a Death Benefit only product. it does not accumulate a cash surrender amount.

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