Features of term life insurance:

• Lowest premiums of all life insurance types. Ideal for families on a limited budget.
• Insurance coverage for a limited period of time. Designed to meet temporary insurance needs, such as mortgage coverage, family planning, debt protection, etc.
• People who are in good health and live a healthy lifestyle may qualify for lower premiums (preferred rates).

Major uses of term life insurance:

• Provide a lump sum of money for family to continue living a familiar lifestyle.
• Pay down the mortgage or other loans if a spouse dies.
• Buy-Sell agreements for business partners. Partners can use term life insurance to buy out the remaining shares of a business in the event of other’s death.
• Final expenses: these can include funeral costs, court expenses related to probating your will, and taxes.

Resources:

What is term life insurance? Customizing your term life insurance policy Compare rates from leading providers

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