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Term Life Policies (or “Temporary Policies”) are typically the payment of a small, fixed premium in exchange for a level death benefit (or “face value”), usually over a specified period of time (e.g. 1 year, 10 years, or 20 years). For example, you might pay $100 each month for 10 years in exchange for $100,000 in death benefit coverage. However, premiums may also be paid quarterly or annually. If premiums are not paid, the policy is cancelled.

Term policies may be bought by an individual or issued as part of a group plan through an employer, union, or membership organization. Many group policies can be converted to individual policies if the individual leaves the group
Term policies are generally the least expensive type of policy, but they can be expensive to renew at the end of the term, depending on the policyholder’s age and health status.

Owners, Beneficiaries, and the Insured

What Should You Know and Consider When You Can’t Pay Your Premiums?

If You Have A Terminal Illness

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