Term Life Insurance
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How much insurance do I need?
If your family relies on your income to keep up with their day-to-day living expenses the financial implications of your death could be devastating. If you have a mortgage, is this insured? Do you have young children? Do you have youngsters hoping to go to University?
When and how long (term)?
- Outstanding debts (Mortgage)
- College tuition
- Dependents, young children, aging relatives
- End of life expense
- Financial concerns
Types of term life insurance
Term life insurance is the simplest type of life insurance. Your TrueCoverage consultant will work with you to find the policy that fits your needs. These may include:
- Level term life insurance
- Annual renewable terms life insurance
- Return of premium term life insurance
- No-medical exam term life insurance
- Decreasing term life insurance
- Mortgage protection term life insurance
- Group terms of life insurance
Not sure which Life Insurance policy is right for you?
Understanding Term Life Insurance Frequently Asked Questions
How are term life costs determined?
The more likely you are to die within the policy term the higher the cost will be. The likelihood of dying within the term is largely determined by
- The State of Your Health: Insurance companies will take into account age, health record
- Life Style: risky work, hobbies, tobacco usage etc.
- Death Benefit: The larger the death benefit the higher the premium
- Term Length: Terms may be from 10-30 years, the longer the term the higher the premium.
Which is better Whole or Term life insurance?
Term life benefits your beneficiaries; however whole life benefits you as well but is more expensive.
How does term life insurance work?
In general life insurance is purchased to replace your income if you die so that your loved ones can pay debts and ongoing living costs. A well- planned term life insurance policy should provide that in the event of your death there are sufficient funds to either pay off, or ensure that the mortgage could be maintained. Of course, there may be other debts and potential expenses such as college fees to take into account.
Term life insurance pays out if the insured, dies within the ‘fixed’ term normally 10, 15, 20 or 30 years.
Your monthly premium is fixed for the term of the policy and as premiums are determined by the age at which you start the policy it makes sense to start young and for as much as you can comfortably afford. You should review your situation regularly (say every 2 years) and certainly when planning a family or other major ongoing commitment like college fees. At times like these it may be wise increase your coverage with a suitable shorter-term policy.
Typically term life policy amounts range from $100,000 to $250,000 which may seem a lot, but it pays to be realistic. Annual premiums ($100,000) male age 30, $275, age 50, $770. The equivalent for females is approximately 15% lower. A word of warning, premiums for smokers are considerably higher but most companies will reduce the premiums if you quit.
We offer a free review of your existing policies, Life, Health, Dental, Vision and any relevant supplementals or riders to ensure that you are getting the best value from your investments in security.
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This website is operated by TrueCoverage and is not the Health Insurance MarketplaceSM website. In offering this website, TrueCoverage is required to comply with all applicable federal laws, including the standards established under 45 CFR 155.220 (c) and (d) and standards established under 45 CFR 155.260 to protect the privacy and security of personally identifiable information. This website may not display all data on Qualified Health Plans (QHPs) being offered in your state through the Health Insurance MarketplaceSM website. To see all available data on QHP options in your state, go to the Health Insurance MarketplaceSM website at HealthCare.gov.
Also, you should visit the Health Insurance MarketplaceSM website at HealthCare.gov if:
- You want to select a catastrophic health plan.
- You want to enroll members of your household in separate QHPs.
- The plans offered here don’t offer pediatric dental coverage and you want to choose a QHP that covers pediatric dental services or a separate dental plan with pediatric coverage. Pediatric dental services are an essential health benefit.
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