Summary of Term Life Insurance

Term life insurance was the original life insurance, being limited to a death benefit payable to a beneficiary. It is a way for your family to get some financial protection if you die. The money they get from a policy can be used for almost any financial need they can think of. Whether term life insurance is right for you depends upon your financial objectives and how you want to achieve them.

If you are considering life insurance, you should weigh the pros and cons of term life against whole life. One may be more suitable than the other. Be sure to study whole life in some depth so that you can see how it differs from term. Consider all of the factors that we discussed here. You may also find it helpful to meet with an insurance agent to learn how each type can serve you. You can run through some life scenarios to get a sense of what kind and how much life insurance you need.