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Term Life Insurance

A specific amount of insurance
for a specific length of time
at a fixed premium.

Term Insurance

We offer a full range of benefits for all your insurance needs, including life insurance.  A term life policy has a fixed price for a fixed benefit amount, for a specific timeframe (term) in years (usually 20 or 30 years).  As long as the premiums are paid when due the policy will remain in force up until the end of the term.  These types of policies have no cash value associated with them and there are no surrender charges if the premiums are not paid.  Term policies are relatively inexpensive for the amount of benefit that one can usually qualify for. 

The most common use of a term policy is for mortgage protection and college funding should the insured die prematurely leaving a surviving spouse with children to raise and educate.  Under current tax law, the benefit from a life insurance policy is distributed tax free to your beneficiary's which can be used to pay off the mortgage, daily living expenses, college funding and to maintain a family's lifestyle.  In addition to the death benefit being paid out if the insured dies prematurely, most policies have a rider attached to them to provide a living benefit as well.  In the case of a terminal illness diagnosis, you may be able to take an accelerated death benefit while living which will reduce the actual death benefit to be paid out.      

Key uses

The benefits paid out in term life insurance pass to the beneficiary tax free.  Some of the more common uses of life insurance include but are not limited to:

  • Mortgage Protection
  • Pay off outstanding loan balances
  • Further education
  • Charitable giving
  • Buy/Sell Arrangements