Term Life Insurance

Coverage for a healthy, young adult could start as low as $15 per month², while someone with a more complicated health status could see higher monthly premiums. The cost of term life insurance depends on several factors, including:

• How much insurance you choose
• How long you want your premiums to remain level³
• Your age, your health and other risks in your life

Term life insurance is often popular with people who want to help with financial obligations and goals that may have an end date, such as paying off a mortgage or for a child’s college education. Term life insurance can also be popular with people who want a large amount of coverage — for example, to help provide financial support for a spouse and young children potentially for the rest of their lives — but can’t afford as much permanent life insurance right now. Learn more about different types of life insurance.

With term life insurance, you choose your initial level premium period, whether it’s a 10-year duration, 30-year or in between, and your premiums never change throughout the duration of that period. Coverage can continue after that level premium period; however, premiums will increase each year to keep the policy in force, as outlined in your contract, and stop when the policy term ends.⁴

Yes, you may be able to convert all or part of your term life insurance into a permanent policy, such as a whole life or universal life insurance policy, if your term policy contract has a conversion option⁵.

One advantage of converting from a term to a permanent life policy: you won’t have to requalify for the new policy based on your health and other risk factors. Eligibility is guaranteed during the conversion period of your term policy. However, because the conversion period has an end, it’s a good idea to review your coverage with your agent every few years, so you can plan ahead. If your term policy doesn’t have a conversion option, or the conversion period has expired, you will need to apply for a new policy if you want permanent insurance.

With straight-through processing, you can often get life insurance coverage more quickly than traditional methods. This streamlined approach allows for faster approvals, often within minutes to hours, depending on the insurer and your specific application. For carriers who offer life insurance coverage with traditional or accelerated methods, it could take days or weeks to get coverage.

When applying for life insurance, many companies require a medical exam to assess your health and to help determine premiums. Typically, traditional underwriting processes involve a thorough evaluation, including a medical history review and physical examination. However, some policies, particularly those with straight-through processing, do not require a medical exam. These streamlined options are designed for those who want a quicker and more convenient application experience.