A Term Life policy may make sense for those who have budget limitations, large protection needs or a temporary need like protecting a mortgage or other large debt.
Term Life offers:
- Guaranteed death benefit for a fixed period
- Fixed premium.
- No cash value.
- Coverage is for a certain period of time (term), usually for a specified number of years or to a specific age of the insured.
- Initial premiums tend to be lower but will eventually increase.