Term Life Insurance

Term Life Insurance

What is term life insurance?

Term life insurance provides coverage for a specific amount of time: typically 10, 15, 20, or 30 years. It's affordable and simple — it may make sense if you only want protection for the years you plan to support loved ones financially. If you pass away during the term, the death benefit of a term policy can be used however your beneficiaries choose.

What are the benefits of term life insurance?

Unlike whole life and universal life, which last your entire lifetime, term life insurance only lasts as long as you need it to. This makes it significantly more affordable and a popular choice.

Lower costs

More coverage

Tax-free payout

Guaranteed protection and premium

Comparing term and permanent life insurance

Term life insurance differs from permanent life insurance in the following ways.

Term life insurance

  • Coverage lasts for the length you want (10, 15, 20, 30 years)
  • Less expensive
  • Fixed rate
  • Death benefit can be higher due to the lower cost

Permanent life insurance

  • Coverage lasts your entire life
  • More expensive
  • Cash value component
  • Includes whole life, universal life, and final expense policies

Can you change your coverage amount?

Many term life insurance policies require you to re-apply if you want to change your coverage amount during your term. Your age and health can affect your rate, so your rate will likely increase if you re-apply later in life. But in some states, Progressive Life Insurance Company offers a "flexible term" policy that lets you to increase or decrease your coverage amount without reapplying.** If you qualify for flexible term life insurance, your age and health status will "freeze" at the time you purchase your policy. So if you increase your coverage amount for a covered life event in the first 10 years of your policy, your rate won't increase due to your age or any health issues that developed since you bought the policy.

When's the best time to buy term life insurance?

Generally, the younger and healthier you are, the lower your life insurance rate will be. If you're married, buying property, or starting a family, term life insurance is an affordable way to help make sure your family has financial security if you die unexpectedly.

Which term length is right for me?

Wondering how long you'll need term life insurance? That depends on your budget and how long you'll be providing financial support to your loved ones.

One-year term

10-year term life insurance

15-year term life insurance

20-year term life insurance

30-year term life insurance

Compare term life insurance quotes

As you consider term life insurance policies, research insurers and plans to find the right rate and coverage for you. Through eFinancial, you can easily compare term life insurance policies to see how your rate changes based on the policy type, coverage amount, and insurer.

eFinancial offers a variety of simplified term life insurance options such as RAPIDecision® Life, making it possible to purchase affordable life insurance quickly with no medical exam. Progressive Life Insurance Company also offers term life policies that don't require a medical exam.

Learn more about term life insurance

Have more questions about term life insurance? Start with these popular articles, and explore our life insurance tips and resources.

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