What are the benefits of term life insurance?

On average, term life insurance rates are determined by age, lifestyle, medical history, and coverage needs. Here are a few additional benefits to consider: The cost of this coverage type is usually low. You can choose which term length suits you best. If planned correctly, a term policy may save you money upfront and provide your family ample security. You can scale your death benefit up and down with increasing and decreasing term policies.

Term Life Insurance

Q: What is term life insurance?

Term life insurance provides coverage for a set period. This contrasts whole life insurance, which requires scheduled payments your entire life. Basic term life insurance lengths are 10, 20, or 30 years.

Term Life Insurance

Term life insurance is a popular choice for policyholders who need temporary coverage with reasonable premiums. At Aflac, our term life insurance plans for individuals are competitive and reliable. Try our life insurance calculator to see how rates are impacted by age, lifestyle, medical history, and coverage goals.

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Table of Contents

Key Takeaways

Term life insurance is a temporary policy that can provide you with coverage ranging from 10 to 30 years.
If the policyholder passes away while a term life insurance plan is active, loved ones will receive a death benefit to replace lost income, pay off debts, and more.
Aflac offers term life insurance for individuals that you can purchase directly, with competitive rates, portable options, and various coverage lengths.

What is term life insurance?

Term life insurance is a temporary policy that provides coverage for a set period, such as 10, 20, or 30 years. Below are some of the main features of a term life insurance policy:

You can choose which term length makes the most sense for your unique lifestyle.
The premiums remain the same the entire length of your policy, unless you choose to change them.
If the policyholder passes during the term, the beneficiary receives the death benefit.
Term life insurance quotes are competitive and dependable.

Types of term life insurance

The right term life insurance plan for you can vary based on your coverage needs and budget. There are a variety of plans to choose from, including:

Fixed Term: Fixed term is the most popular choice. It’s the most basic version and lasts 10, 20, or 30 years long. The premiums remain static in this plan.
Increasing Term: An increasing term life insurance policy allows you to scale up the value of your death benefit throughout the term. In this route, your premiums slightly increase over time. These types of policies tend to cost more, but they usually deliver a larger payout.
Decreasing Term: On the other hand, decreasing term life insurance reduces the premium payments over time. This can result in a smaller death benefit. This insurance type makes sense for those who predict they will have fewer financial obligations as they age.
Annual Renewable: Annual renewable life insurance provides coverage on a yearly basis. It must be renewed by the policy end date to continue coverage. The premiums usually increase each time the plan is renewed. This option is best for those in need of short-term coverage. This route can be more expensive, but there are usually less payments because the coverage time is shorter.
Group term life insurance: A group term life insurance can be purchased through your employer. It functions as a workplace plan and deems all employees eligible for coverage.

Aflac offers term life insurance for individuals that you can purchase directly from Aflac. If you’re interested in term life insurance for individuals, get a quote to see which plan matches your needs and budget best.

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Term life insurance vs. whole life insurance

One of the biggest choices you may face when getting a life insurance policy is deciding between term vs. whole life insurance. They have some key differences, suiting them to different policyholders:

Cost: Whole life insurance rates tend to be higher than term life insurance premiums to account for lifelong coverage and cash value.
Coverage length: Term life insurance typically lasts 10 to 30 years, whereas whole life insurance lasts for life.
Cash value: Whole life insurance comes with a cash value growth component that receives part of each premium and grows tax deferred. You can access the cash value via borrowing, withdrawals, or surrendering the policy. Term life insurance does not come with cash value.
Best suited for: Term life insurance can be ideal for policyholders who only need temporary coverage or have a limited budget. Whole life insurance, on the other hand, may be better for those who want coverage for life or the ability to help their loved ones cover final expenses.

Term life insurance vs. whole life insurance comparison

Why get a term life insurance plan?

Aflac term life insurance may save you money upfront and provide your family with ample security. Here are a few key advantages our term life insurance plans for individuals offer:

Guaranteed issue is available for select products, meaning you don’t have to answer medical questions to get coverage.
We offer competitive rates for this coverage type.
You can choose which term length suits you best.
Your loved ones can use the death benefit to replace lost income, pay off debts, and cover any other expenses.
Our coverage is portable, meaning you can keep your policy even if you change jobs.

Get a quote for term life insurance from Aflac

At Aflac, we prioritize your life insurance needs. Our term life insurance coverage for individuals is portable, fits most budgets, and fast. Term life insurance is a popular choice for those who have a specific timeline they want to plan around. To see if term life insurance is the right choice for you, talk to an Aflac agent about your options.

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