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Life Insurance
Term Life Insurance

What Is a Term Life Insurance Policy?

A term life insurance policy provides financial protection for a set period of time, often 10, 20, or 30 years. It’s designed to be flexible and affordable, so you can choose the term length and coverage amount that best fit your life stage and budget. Whether you want short-term security or longer protection, term life adapts to your needs.

Affordable Coverage

Lower premiums than permanent life insurance make it a cost-effective way to secure protection during critical financial years

Flexible Terms

Choose a policy length (10, 20, or 30 years) that aligns with your family’s needs and financial goals

Guaranteed Protection

Your loved ones receive a guaranteed death benefit if you pass away during the policy term

Simple To Apply

Some policies may not require a medical exam, making it quicker and easier to get covered

Fixed Premiums

Premiums stay the same throughout your chosen term, providing budget-friendly predictability

Future Options

Many policies allow you to renew or convert to permanent coverage without a new medical exam

Compare Term Life Insurance Plans

Not all term life insurance policies work the same way. While all offer dependable protection for a set period, the way you apply, qualify, and maintain coverage can differ. The table below highlights the main types of term life insurance and the features that set them apart.

	Level Term Life	Renewable Term Life	Simplified Issue Term Life	Online Term Life
Primary Goal	Predictable, fixed coverage	Extend coverage without reapplying	Faster approval, fewer requirements	Convenient, digital-first
Underwriting	Full (application + exam)	Full at issue; none at renewal	Simplified (few questions, no exam)	Simplified; varies by insurer
Coverage & Premiums	Fixed benefit and premiums	Premiums rise at renewal	Lower amounts; fixed premiums	Varies by insurer; fixed premiums
Term Length	10, 20, or 30 years	Year-to-year after term	Often shorter or limited	10, 20, or 30 years
Renewal & Conversion	Convertible; renewable options	Guaranteed renewable, no new exam	Limited renew/convert options	May allow conversion; varies
Application	Agent-assisted; may need exam	Same as level term initially	Short form; faster approval	Online, often instant decision
Common Uses	Family, mortgage, income protection	Coverage bridge at term’s end	Quick, easier coverage needs	Simple, convenient online coverage

Mother sitting outside with her daughter and cat thinking about life insurance protection

How a Term Life Insurance Policy Works

Applying for term life insurance involves completing an application and, in many cases, a medical exam. Once approved, you choose the coverage amount and term length, with fixed premiums and a guaranteed death benefit for the entire term. Many policies also offer the option to renew or convert to permanent coverage later.

Apply for Coverage: Complete a detailed application, usually with health questions and sometimes a medical exam. In certain cases, “no-exam” options are available, but they may come with higher costs or lower coverage amounts.
Choose Your Policy: Select the coverage amount and term length, typically 10, 20, or 30 years, that best fits your family’s needs and financial goals.
Pay Premiums: You make regular fixed payments based on your coverage amount and chosen term length. Premiums remain the same throughout the term, making it easier to plan your budget.
Policy Costs Are Covered: Your premium automatically covers the cost of insurance and any administrative expenses for the length of your term.
Coverage Remains in Place: As long as premiums are paid, your policy stays active, and your beneficiaries are financially protected with a guaranteed death benefit.
End of Term Options: When your policy term ends, many policies allow you to renew coverage (often at higher rates) or convert to a permanent life insurance policy without a new medical exam.
Guaranteed Death Benefit: If you pass away during the policy term, your beneficiaries receive the policy’s death benefit, generally income-tax-free.

Want a deeper dive? Read our full guide: What is Term Life Insurance? How Does it Work?

Why Choose Western & Southern?

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Trusted for Over 135 Years

Helping families protect their future since 1888

Serving Millions Nationwide

Trusted by families across the 50 states

Is Term Life Insurance Right for You?

Term life insurance offers affordable protection, fixed premiums, and flexibility in choosing your coverage length – making it a strong fit for those who want dependable protection during specific life stages, such as while raising a family, paying off a mortgage, or building retirement savings. Below are some individuals who might benefit from term life insurance:

Young man working on his household budget

Budget-Conscious Planners

People who want the most affordable way to protect their family with higher coverage amounts during their working years.

Father gardening with daughter thinking about the future

Growing Families

Parents who want financial security while raising children, ensuring income replacement, mortgage protection, or funding for education if something happens.

Homeowners

Individuals or couples who want coverage that aligns with the length of a mortgage or other major financial obligation.

Career Builders

Those who want protection that lasts while they build savings and retirement assets, ensuring loved ones are secure if income is lost unexpectedly.

Small Business Owners

Owners seeking affordable coverage to protect business obligations, debts, or provide financial security for partners and employees during critical years.

Short-Term Needs

People who need coverage for a defined period, such as until children are financially independent, a debt is repaid, or retirement savings have had time to grow.

It’s important to remember that Term Life Insurance is designed for temporary protection. Coverage ends when the term expires unless you renew or convert your policy. Still, for those seeking simple, affordable, and flexible coverage, it can be a smart financial tool.

Not sure if term life is right for you? Compare all types of Life Insurance.

Frequently Asked Questions About Term Life Insurance

You can request a term life insurance quote online or by speaking with a financial representative. Provide some basic details like your age, health, and desired coverage amount, and you’ll see sample term life insurance rates for different term lengths.

Match your policy length to your biggest financial obligation. A 10-year term can cover short-term debts, while 20- or 30-year terms are better for mortgages, family income protection, or long-term planning.

Your rate is based on age, health, coverage amount, and the term you select. Non-smokers typically pay less, and a medical exam may help you qualify for the lowest rates.

Yes. Many policies provide quick online quotes. Final rates are confirmed after underwriting, but getting a quote gives you a clear starting point for coverage options.

Absolutely. Comparing quotes, term lengths, and riders ensures you get the right balance of coverage and affordability. Review renewal and conversion options as well.

Coverage stops at the end of your policy term. Many policies let you renew at a higher rate or convert to permanent life insurance for lifelong protection. Review your options a year before your policy expires.

Yes. Most term policies allow conversion within a set timeframe. Converting lets you lock in lifelong protection and cash value growth, without a new medical exam.

Your named beneficiaries receive the death benefit, typically as a tax-free lump sum. Be sure to update beneficiary designations after major life events, such as marriage or the birth of a child.

IMPORTANT DISCLOSURES

¹ Term Life Insurance from Fabric by Gerber Life, a member of the Western & Southern Financial Group Family of Companies. https://www.westernsouthern.com/about/family-of-companies.

These policies and benefits may not be available in all states, and benefits may vary by state.

Payment of benefits under the life insurance policy is the obligation of, and is guaranteed by, the issuing company. Guarantees are based on the claims-paying ability of the issuer. Products are backed by the full financial strength of the issuing company.

Life insurance policies contain certain exclusions, limitations, reductions of benefits and terms for keeping them in force. Please contact a financial representative for complete details.

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