What is Term Life Insurance?

Term life insurance offers protection for a set period of time. Unlike whole life insurance, which lasts your entire life, term policies cover you for a fixed number of years—usually 10, 20, or 30. Here are the key benefits of a term life plan:

• You choose the term length that fits your financial plans.
• Premiums remain the same throughout the term, unless you choose to modify your policy.
• If the policyholder passes away during the term, the beneficiary receives a death benefit.
• Term life insurance is known for being affordable and straightforward.

Types of Term Life Insurance

Wondering what kind of term policy suits you best? Your ideal plan depends on your current needs and future goals. Here are some common types:

• Fixed Term: The most straightforward option. Coverage lasts for 10, 20, or 30 years with consistent premiums throughout.
• Increasing Term: This plan allows your death benefit to grow over time, which also means your premiums may increase. Ideal for those expecting growing financial responsibilities.
• Decreasing Term: Offers gradually reduced coverage and lower premiums over time—perfect for individuals expecting to reduce debt or expenses as they age.
• Annual Renewable Term: Provides coverage for one year at a time. It must be renewed annually, and premiums usually rise with each renewal. Great for short-term needs or transitional life phases.

Group Term Life Insurance

Group term life insurance operates similarly to individual plans but is provided through an employer or organization. All eligible employees or members receive coverage as part of a group plan. While many people enroll through work, others prefer to purchase their own plan directly. At Extensive Family Life, we also offer flexible, individual term life insurance options that can suit both single individuals and families.

Term Life Insurance vs. Whole Life Insurance

When choosing life insurance, a common question is whether to go with term or whole life. Here’s how they differ:

• Term Life Insurance: Offers affordable rates for coverage over a specific period. If the insured passes during the term, the death benefit is paid to the beneficiary. If they outlive the policy, no payout is made, and premiums are not refunded.
• Whole Life Insurance: Generally more expensive, whole life covers you for your entire life. It includes a guaranteed death benefit and accumulates a cash value that can be accessed during your lifetime.

Why Choose Term Life Insurance?

At Extensive Family Life, getting a quote is fast and easy—often with no medical exam required. Here are more reasons why term life is a smart option:

• It’s cost-effective and ideal for those on a budget.
• You have the flexibility to choose the term that works best for your stage in life.
• When planned strategically, it can provide strong financial protection for your family.
• With options like increasing and decreasing coverage, your policy can adapt to your needs.

Get a Quote from Extensive Family Life

At Extensive Family Life, we make life insurance simple, accessible, and budget-friendly. Our term life policies are portable, easy to understand, and designed for people planning around specific timeframes or life events. Talk with one of our licensed agents to see how term life insurance can fit into your overall financial strategy.