Term life insurance provides coverage for a set time period: 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.
Term life insurance only lasts as long as you need it to, making it an affordable option for those who want to give their loved ones financial security if they were to pass away unexpectedly. Additional benefits of term life insurance include:
The most common form of term life, fixed term life insurance policies have a fixed coverage amount and premium payment.
A decreasing term life policy features a coverage amount and premium that decreases over time, meant for those who anticipate needing less coverage toward the end of their policy's term.
A one-year, short-term life policy is a highly affordable option for those with temporary coverage needs, such as those between jobs or who aren't ready for a long-term policy.
A simplified issue term life policy doesn't require a medical exam, providing a faster way to get coverage compared to traditional term life insurance.
FIND YOUR SIMPLIFIED ISSUE LIFE POLICY
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.
Term and whole life insurance are both common life insurance options, but which is right for you? Here's a quick comparison showing how term life differs from whole life insurance:
If you're looking for affordable coverage that you only need for a set period of time, then term life insurance may be the right fit for you. Learn more about the differences between term life and whole life insurance.
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 rates based on the policy type, coverage amount, and insurer.
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. For example, if you have a 30-year mortgage, then you may consider buying a 30-year term life policy. Learn more about finding the right term length for your life insurance policy.
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 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.
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.
No, you can't "cash out" or sell back a term life policy since these types of policies don't include a cash value component. If this is an option you're looking for, then you should look into permanent life insurance options, like whole life, which may allow you to sell the policy back to your insurer for its cash surrender value. Learn more about cash value and life insurance.
If your term life policy expires, your insurer will notify you and you'll no longer have to pay your premium. If you still need coverage, you may be able to renew your policy or convert it to whole life insurance. Get more tips on what to do when your term life insurance expires.
Have more questions about term life insurance? Start with these popular articles, and explore our life insurance tips and resources.
Life insurance 101 A quick overview on how life insurance works.What are the different types of life insurance? In addition to term policies, explore options for life insurance.
Can I get life insurance without a medical exam? Find out if you need a medical exam to obtain a term policy and how it might impact your price.
What is a life insurance rider? Find out if you need a medical exam to obtain a term policy and how it might impact your price.
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Certain term life insurance policies for Arizona, Georgia, Indiana, Louisiana, Maryland, Michigan, Missouri, Ohio, Pennsylvania, Tennessee, Texas and Virginia residents are underwritten by Progressive Life Insurance Company.
Progressive Advantage Agency, Inc. refers all other consumers seeking life insurance to Efinancial, LLC for placement with insurers offering that coverage. eFinancial and the insurers are not affiliated with Progressive. PAA and Progressive are not responsible for insurer or coverage selections, policies issued, claims, the content or operation of others' websites, or how others handle or use your information. Information you provide to others is subject to their privacy policies and website terms of use, and may be shared with us.
PAA receives compensation from eFinancial or its affiliate that may vary based on the number of applications taken by eFinancial and the policy you buy. Contact us for more details.
Price, coverage, and coverage terms and conditions may vary between insurers. Availability may vary by state.
* Life insurance rate quotes referenced in eFinancial's materials are based on a composite of participating carriers’ best-published monthly premium rates for 10-year, term life policies with face amounts of $250,000 as of 6/8/2022. Unless noted otherwise, the comparison rates are made for male, preferred plus, non-tobacco user, and female, preferred plus, non-tobacco user – age 19-34. Rates and products available may vary by state. All policies are subject to underwriting approval. Also, the rates and time taken to purchase a policy vary by product. Quotes are provided for information purposes only and do not constitute an offer of insurance.
† Lower rates available. All rates and policies are subject to underwriting approval. Rates are provided for information purposes and do not constitute an offer of insurance.
** Progressive Life Insurance's Flexible policy is a term life policy that allows the insured to request an increase in the coverage amount within the first 10 years of the policy for the following covered life events: marriage, divorce, adding a child to your family through birth, adoption or marriage, or purchasing a home. Coverage amount increases must be between $25,000 and $200,000 (in $1,000 increments), and are subject to overall policy and company limitations. Coverage amount increase requests require proof of the qualifying life event but do not require a new application, medical exams or testing, or a new medical questionnaire. With the health status freeze feature, the new increased coverage amount will be rated at the age and health status of the insured at the time of the initial policy application. Coverage amount decrease are subject to Progressive Life's minimum coverage amount.
