Term Insurance

Term Insurance provides coverage for a specific time period. For example 10, 20 or 30 year term.

When the Term ends you make no more payments and your protection ends. Your premiums are non-refundable.

Term Insurance is relatively inexpensive when you are young and is ideal to protect families against large obligations that are temporary in nature (for example when children are young, and expenses are highest such as in a large mortgage).

Term Insurance typically renews at intervals without medical evidence. These renewals are relatively expensive due to increased age and the unknown health of the insured. However, re-applying for Insurance with current medical evidence may reduce Term Insurance premium costs.


John and Mary purchase Term 10 Life Insurance because they expect to pay off their mortgage at the end of 10 years. The cost for John’s coverage is $50 per month for $500,000. The cost for Mary’s coverage is $35 per month for $500,000. 4 years into their 10-year term John sadly dies in an automobile accident. Mary, John’s beneficiary claims her benefit and receives $500,000 in a tax-free lump sum payment. Over the next 6 years Mary continues paying for her policy. At the end of the 6 years Mary makes no more payments and is no longer covered by this term policy.

Term Insurance premiums have decreased by more than one third over the last 10 years. Are you are paying too much?