An affordable, convenient option for many families.
What does term life insurance mean? Term life insurance is the most popular life insurance on the market. A blend of level coverage and lower, guaranteed fixed premiums makes it a smart value.
How does term life insurance work? With term life, your policy is in effect for a set length of time. If you die during that time, your beneficiary receives a tax-free cash payout. If the term expires or you stop paying your premium, the coverage stops.
Common term lengths are 10, 15, 20, and 30 years. Because there is a limited period of coverage, premiums are often considerably lower than permanent life insurance. You can renew some term policies after the term is up, but your premiums could increase significantly as you get older. That’s why it’s important to select the right length of time for your coverage. Your eFinancial agent can offer term life insurance policy quotes and guidance to help you make that choice.
Term policies offer a guaranteed, tax-free death benefit. You decide the amount of coverage, and it is guaranteed to stay the same during the policy term. As you think about coverage, you’ll want to consider your immediate lost income and future earnings. eFinancial can help you select a coverage amount that offers protection for everyday expenses and critical milestones. Paying off your mortgage, sending your young children to college in the future, or ensuring quality of life when your partner or spouse retires all matter to you. They matter to us, too.
If you die during the term period, your beneficiary will receive a tax-free payout and the peace of mind that comes with it — guaranteed.
Term insurance is typically the most affordable, and your premiums won’t change over time, making it a perfect option for many young adults and families looking to get the most coverage for the cost.
Your loved ones won’t have to worry about paying tax on your insurance payout after your death, because a term life insurance payout is entirely tax-free.
Maybe you want protection for your family, but you don’t want to commit to a permanent policy. That’s okay — our flexible term lengths are a great place to start.
Term life insurance is easy to understand, and our agents are here to make sure you’re familiar with the types and lengths available. Even first-time buyers can rest assured their life insurance is meeting their needs.
Each person’s life insurance needs and circumstances are unique. It’s important to consider your specific situation to decide on a term life policy that best suits you.
Keep the following considerations in mind:
| Term Life | Permanent Life | |
|---|---|---|
| Length of Coverage | Choose the term that works for you (10, 15, 20, or 30 years) | Lasts your lifetime—as long as you continue your payments |
| Premiums | Typically the most affordable life insurance | More expensive than term for same coverage amount |
| Medical Exam | Options to waive exam | Typically required |
| Cash Value | None | Policy may build cash value on a tax-deferred basis |
In some cases, you can convert your term life policy into a permanent life policy before your term expires. Converting your policy allows you to extend your coverage without having to go through a medical exam or the underwriting process.
Conversion can be the right choice if you still need life insurance to:
Permanent life insurance lasts for your entire life, so converting a term policy can help you rest easier that your family is covered for good. Keep in mind that permanent coverage costs more than term, so your premiums will likely go up when you convert.
Get in touch with an eFinancial agent to learn about your policy’s conversion options or to start the process.
With eFinancial, you’ll have access to term life insurance products from top companies. We make purchasing term life simple and fast. From quote to policy issuance, we can get most people coverage on a single call.
Every family has unique circumstances. You may want specific features, like a policy that renews or converts to a permanent life insurance policy. Many products, including term life policies, can include riders. A rider amends or adds to a policy, customizing it to your specific needs.
Because we get to know you and your needs, we tailor recommendations and guide you every step of the way. If your policy requires a medical exam, we help manage scheduling that as well. eFinancial is committed to helping everyday families find the term life insurance that fits their needs. We look forward to helping your family.
From time to time, or after a life change, it’s a great idea to review your term life insurance policy. You want to be sure that your personal details, like your address and billing information, are up to date. You also want to be sure that your policy reflects your current family and financial situation. Getting married, growing your family, buying a home, or changing jobs are all smart times to connect with your eFinancial agent about your coverage and beneficiary’s needs.
eFinancial’s resources section is full of information about term life insurance and other topics so you can feel better informed and confident.
An experienced eFinancial agent is available to help you understand and compare term life insurance quotes. To get started, give us a call today.
There’s no one perfect formula for every family. You’ll want to factor in immediate and recurring expenses, long-term financial obligations, and any assets you already have. A common rule of thumb is to plan for 7 to 10 times your income in life insurance coverage. Like any rule of thumb, that may not fit your situation. Use our term life calculator to help get started. Then, reach out for a quote.
If the term of your life insurance policy ends, you’ll no longer be covered, but that doesn’t have to be the case. Once coverage ends, some policies may allow you to:
It’s important to consider your life stage and needs when choosing a term length. Working with a trusted and knowledgeable life insurance agent can help simplify the process.
Term life insurance is the most affordable life insurance option. However, your actual payments could vary significantly based on:
In some cases, term life insurance policies can be converted to permanent life insurance. Many plans allow you to convert to permanent life insurance at any time before your term expires.
Yes, you can cancel your term life insurance policy in one of two ways — write a letter of cancellation to your insurer or just stop paying your premiums. If you choose to cancel in writing, any unearned premium will be refunded to you if the requested termination date is prior to the paid-to date. If you choose to let the policy lapse, however, you won’t be refunded for any payments you’ve already made.
It depends. Insurance companies consider a variety of factors when determining whether you qualify for certain policies – and what premium to charge. In some cases, you may be asked to complete a medical exam. If the policy you select requires a medical exam, eFinancial will help you schedule the appointment and guide you through the process – there’s no cost or co-pays.
The insurance company will work with you to arrange for a certified medical professional, or paramed, to conduct the health exam at the location of your choice – typically at your home or office. Exams take about 20 or 30 minutes and often include questions about your medical history. The paramed will also record your blood pressure, pulse, height and weight. They may also collect a urine or blood sample.
eFinancial will guide you every step of the way, explaining the process and alleviating concerns. To learn more about how our team can support you through the search for term life insurance, call 855-780-9533 today.
