Term Life Insurance

Term Life Insurance is the most affordable kind of life insurance.

A Term Life Insurance policy will usually provide a level premium over a certain number of years, typically 10, 20, or 30 years but will hold no cash value.  It is the best kind of insurance for those in their child-bearing years to provide protection for spouses and children in the event of an untimely death. It is most important for the main breadwinner to have coverage, but we sometimes also forget that stay-at-home moms needs life insurance coverage too. Although they are not earning an income, there would be a significant financial burden to cover childcare, housekeeping, and other duties should something happen.

It is a good guideline to have coverage for at least 8-10 times your income. For example, if your household income is $100,000, you should have at least $800,000 to $1,000,000 in life insurance.

However, something is better than nothing. Purchasing coverage for 1-2 times your income can still provide great relief in the event of the unexpected.