Term Life Insurance

Term Life Insurance

What is term life insurance?

Term life insurance is life insurance designed to protect your family in the event of your death. It provides coverage on your life for a period of time based on the term length you select — typically 10, 20, or 30 years. Get a term life insurance quote today and gain peace of mind.

Compare term life insurance quotes

As you compare term life insurance policies, it's critical to evaluate various plans and their differences. When you quote, you can easily compare the cost, coverage amount, and term length of policies from multiple insurance companies.

What are the benefits of term life insurance?

Lower costs

Term life insurance policies only cover you for a set amount of time, which lowers your rate. If you're a non-smoker in your 20s, you'll pay a cheaper premium than an older person with health issues.

More coverage

Because of the low cost to buy term life insurance, you can buy more protection. That makes it ideal for younger families.

Policy length flexibility

Term life insurance policies give you the freedom to choose the length of coverage. You can purchase a policy for as low as one year, but the most common options are 10, 15, 20, and 30 years.

Tax-free payout

Death benefits from a life insurance policy typically won't count as taxable income.

Guaranteed protection and premiums

With term policies, your death benefit is guaranteed. Once you decide how much coverage you want, your fixed premium is also guaranteed not to change during the term of the policy.

When is the best time to buy term life insurance?

The younger you are, the lower your term life insurance rates will be. The older you get, the higher your premiums will be. If you're recently married or plan to start a family, term life is an affordable way to make sure your family will be financially secure if you were to die unexpectedly. If you're buying a home, this type of policy can help pay off the mortgage or other debts accrued.

What does term life insurance cover?

Term life insurance can cover lost income and other living expenses, such as:

  • Mortgage payments
  • College tuition
  • Funeral and burial costs
  • Debt, such as an auto or business loan

Learn more about term life insurance

Progressive Answers is your go-to resource for any additional questions about term life insurance.

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