When it comes to protecting your family’s future, personal term life insurance is one of the most affordable and straightforward options. It offers peace of mind by providing financial security in the event of an unexpected death—and it’s more accessible than you might think.
What Is Personal Term Life Insurance?
Personal term life insurance is a policy you purchase on your own, not through an employer. It provides coverage for a specific period—usually 10, 20, or 30 years. If you pass away during the term, your beneficiary receives a tax-free death benefit. If the term ends while you’re still living, the policy simply expires.
This type of life insurance is ideal for covering temporary financial responsibilities like:
A mortgage or rent
Children’s education expenses
Lost income for dependents
Outstanding debts
Key Features of Personal Term Life Insurance
Affordability: Term life policies are usually less expensive than permanent life insurance like whole or universal life.
Fixed coverage period: Choose a term that matches your needs—most people pick 20 or 30 years.
Customizable coverage amount: You decide how much coverage your family would need if you were gone.
No employer required: Unlike group life insurance, your coverage stays in place even if you change jobs.
Convertibility: Many policies allow you to convert to permanent life insurance later without a medical exam.
Not sure how much coverage you need? Use this helpful Life Insurance Needs Calculator to estimate the right amount for your family.
What Types of Life Insurance are There?
Term Life
Term life insurance provides coverage for a set period and pays a benefit if the insured passes away during that time. It’s affordable, straightforward, and what we recommend to 90% of our clients.
Whole Life
Term life insurance provides coverage for a set period and pays a benefit if the insured passes away during that time. It’s affordable, straightforward, and what we recommend to 90% of our clients.
Universal Life
Universal life insurance provides flexible lifelong coverage with a death benefit and a cash value component. It allows you to adjust premiums and benefits over time, offering long-term protection with more control.
Why You Shouldn’t Rely on Employer Life Insurance Alone
Many people rely solely on life insurance provided by their employer. But employer plans usually offer limited coverage—typically 1–2 times your annual salary—and that’s often not enough.
Even worse, that coverage typically ends when you leave the job. A personal term life insurance policy gives you control and continuity, ensuring you and your loved ones are covered no matter where life takes you.
When Is the Right Time to Get Term Life Insurance?
The best time to buy personal term life insurance is when you’re young and healthy. Premiums are lower, and you’re more likely to qualify for favorable rates. Major life events are also good triggers to consider coverage, such as:
Getting married
Buying a home
Having children
Starting a business
Protect Your Loved Ones Today
A personal policy is one of the simplest and most cost-effective ways to secure your family’s financial future. Don’t wait for a life event to get covered—speak with one of our agents today to find the right personal term life insurance policy for your needs and budget.
Additional information on www.insuranceneighbor.com
