Term Life Insurance
Term life insurance covers you for a specific period of time while maintaining the same rate. After this time period, you can renew but generally at a higher rate. The term period usually ranges from 10-30 years. At the end of the policy, you will be quoted a different (usually higher) rate to renew your policy.
Term life insurance offers several key benefits, making it an attractive option for many individuals seeking affordable and straightforward coverage. One of its primary advantages is cost-effectiveness, as term policies typically have lower premiums compared to permanent life insurance, especially for younger and healthier applicants. This makes it an ideal choice for individuals looking to secure high coverage amounts during critical financial years, such as when raising children, paying off a mortgage, or funding education expenses.