Term life insurance is designed to be an affordable way to protect your family and is customizable to fit your financial needs.

The “term” refers to how long the policy has guaranteed premiums. In a simple term life insurance policy, the insurer assigns a premium based on your application.

Various health and longevity-related factors are weighed to calculate an accurate price for coverage based on the coverage amount. Once a premium is set, a simple term policy guarantees the premium will not change for the length of the coverage term. This predictable structure helps make term life insurance easy to fit into any budget.

You’ll find term life insurance options ranging from 5 years to 30 years, although some less-common policies may offer different coverage terms. You might find these common options:

• 10-year term

• 15-year term

• 20-year term

• 25-year term

• 30-year term

While there is a term option available to meet most needs, the most popular option is a 20-year term. When you think of the reasons many households purchase life insurance coverage, the popularity of a 20-year term life insurance policy makes sense. Often, term life insurance is purchased after buying a home — but maybe after living in the home for a while — or after starting a family. In both cases, a 20-year term closely mirrors the length of the financial commitment.

Because term life insurance is designed to provide coverage for a limited time and when you need the coverage most to protect your family, the cost of premiums is more affordable. Affordability is key because it increases the chances that you’ll be able to keep the policy in force even if life tosses a few financial setbacks in your path. Your life insurance policy can keep doing what it’s meant to do: protect your family.

20-year term policies may be the most popular, but your term life insurance should work the way you need it to work. Maybe you need a 10-year term because you started a new business, or maybe you need a 30-year term life policy because you just signed the mortgage closing papers yesterday. Your life insurance can protect you for as long as you need and provide the amount of coverage your family needs. It all starts with a conversation. Just reach out to your agent to learn more about your coverage options.

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