Term life insurance provides the beneficiary with a death benefit for a specific period of time. The most common time periods for this type of policy are 10, 20, or 30 years.
Depending on the policy purchased, term policies are renewable annually. This type of policy can be used by someone needing a lower-cost option for coverage. Term life is also helpful if you have a specific time or purpose for coverage, perhaps only until your mortgage is paid.
Another benefit of term policies is that they can, in many cases, meet collateral assignment requirements for potential lenders. There may be different structure requirements based on the lender. If you need a policy for this purpose, we can work with you to find the right solution.
Please note that many factors are involved in a quote for life insurance, and each policy is individual to you. Please give us a call or fill out the contact form to the right of the page so that we can provide a customized plan for you.