Whether it's sending children to college, purchasing a new home, or starting a business, adequate financial resources are essential. For generations, life insurance has proven to be one of the most cost effective ways to safeguard a family's dreams. You can never be replaced but, with life insurance, your family could probably handle the financial pressure that comes with the loss of income due to premature death. The proceeds of life insurance generally pass to your beneficiaries free from federal income tax and can be used to help preserve your family's standard of living, cover outstanding debts, and keep their dreams alive. For many years, term life insurance has proven to be an effective means of providing protection for those who need coverage for a limited period of time.
Term insurance is perhaps the most basic form of life insurance.
It usually provides affordable protection, often with a guaranteed premium, for some period of time. If the insured should die while the policy is in force, the face amount is paid to the named beneficiary. At the end of the premium guarantee period, the insured can renew the coverage at a higher premium. This initial lower premium usually makes term insurance an ideal choice for individuals with a temporary need for life insurance protection. Unlike permanent insurance, term does not accumulate cash value, and in most instances does not earn dividends.