Beginner’s Guide to Term Life Insurance
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If you’re just getting started shopping for life insurance, you might be a little overwhelmed at all the options. While there are many different types of life insurance for people of all ages and circumstances, one of the most popular options is term life insurance.

What is term life insurance?

Term life insurance offers financial protection to your loved ones for a specific term in the event you pass away unexpectedly. You set a term length when you sign up for coverage, and if tragedy were to strike during that time, your beneficiary would receive a lump sum to pay your final expenses, cover mortgage payments, and more.

Your beneficiary can use this money at their discretion. Many people use the funds to cover funeral and burial expenses, college tuition or living expenses for loved ones.

Who needs term life insurance?  

Life insurance isn’t just for the head of household – if you would leave behind any sort of financial burden if you were to pass away tomorrow, you probably need to get life insurance. If you have children, own a business, or provide financial support to others, you need life insurance.

Even if you have employer-sponsored life insurance, you might want to take a look at how much coverage your policy provides in the event of your passing. If this amount isn’t enough to support your loved ones, a term life insurance policy can help you ensure your loved ones’ needs are met. Be sure to also keep in mind that your coverage probably isn’t portable, meaning you will lose coverage if you switch jobs.  

How much does term life insurance cost?

Average Term Life Insurance Rates*
Monthly premiums increase with age

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*These are average rates for female, non-smokers in excellent health and presented for example only. To get your real rate, fill out our short form.

Term life insurance is one of the most affordable types of life insurance available. This is a great option for younger individuals, business owners, or new parents. Your premium is based on your general health and your age at the time you apply for coverage. Most people qualify for this coverage, and the application process is simple.

How do I apply for term life insurance coverage?

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Apply for Coverage

Like other types of life insurance, term insurance starts with an application for coverage with an insurance company. Quility partners with over 80 of the best life insurance companies in the country.

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Make Payments

Once your policy is in force with an insurance company, you pay monthly, quarterly or annual premiums to maintain coverage. If you pass away during the term, your chosen beneficiary will receive a death benefit.

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Update Your Insurance Coverage

After the term has ended, it’s time to re-visit your needs. You can choose to part ways with your insurance company, extend coverage for a new term or convert your policy to permanent life insurance coverage.

The first step is to get matched with a term life policy that fits your needs. From there, you will apply for coverage through an insurance company of your choice. In most cases, you won’t need to undergo a medical exam to get coverage. Once your policy is in-force, you’ll pay monthly premiums to keep the policy active.

What term length should I choose?
If you have any dependents, you’ll want to choose a term length that spans the time they rely on you financially. Term lengths run from 10 to 30 years, and many policies offer the option to convert your policy to permanent life insurance if you need more coverage at the end of the term.
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To learn more about choosing the right term length for your family, check out our guide to how long your life insurance should last.

Get a term life insurance policy in place today with our simple application

Getting term life insurance is a decision that will protect your loved ones and provide you with peace of mind for years to come. If you have a mortgage or carry debt, term life ensures that your loved ones aren’t left with this burden when you’re gone. If you’re ready to get coverage, fill out our online application for term life insurance today. And if you have any questions along the way, our insurance advisors are only a click away.

Let’s Get Started

If you are ready to get coverage now, our online application takes less than ten minutes.

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Calie Brummer
Head of Digital Communications
Calie Brummer is a staff writer and Head of Digital Communications at Quility Insurance with a focus on financial well-being and life insurance solutions.