Frequently Asked Questions

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About Term Life Insurance

Learn how term life insurance works, how long it lasts, and who it's best for.

What is term life insurance?

Term life insurance is a type of life insurance that provides coverage for a specific period — typically 10, 20, or 30 years. If you pass away during the term, your beneficiaries receive the death benefit. It's generally more affordable than permanent life insurance.

How does term life insurance work?

You pay regular premiums to keep the policy active. If you pass away while the policy is in force, the insurance company pays the death benefit to your named beneficiaries. The coverage ends when the term expires or if you stop paying premiums.

How long does term life insurance last?

Terms typically range from 10 to 30 years. Common options are 10, 15, 20, and 30-year terms. The right length depends on your financial obligations — for example, how long until your mortgage is paid off or your children are financially independent.

Can I renew my term life insurance policy?

Many term policies include a renewal option, though premiums will likely increase significantly at renewal since you'll be older. A better strategy is often to purchase a longer term upfront or convert to a permanent policy before your term expires.

What happens if I outlive my term life policy?

If your policy expires and you're still alive, coverage simply ends. You don't receive any payout. You can choose to renew, purchase a new policy, or go without coverage if your financial obligations have decreased.

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Living Benefits

Understand how certain policies may provide access to benefits while you're alive.

What are living benefits?

Living benefits allow you to access a portion of your death benefit while you're still alive if you're diagnosed with a qualifying serious illness — including critical illness, chronic illness, or terminal illness. They're often included at no extra cost on select policies.

How do living benefits work?

Upon a qualifying diagnosis, you can request an accelerated death benefit payment. The amount you receive reduces your remaining death benefit. The funds can typically be used for any purpose — medical bills, mortgage payments, everyday expenses.

What illnesses may qualify?

Qualifying conditions vary by carrier but typically include heart attack, stroke, cancer, organ failure (critical illness), inability to perform daily activities (chronic illness), and terminal diagnosis with 12–24 months life expectancy.

Will using benefits reduce my death benefit?

Yes — any amount you access through living benefits will reduce the death benefit paid to your beneficiaries. Most policies allow you to access a percentage of the total benefit, not the full amount.

Do all policies include living benefits?

No. Living benefits must be included in the policy or added as a rider. We only work with carriers that offer robust living benefit options, and our advisors will ensure you understand exactly what's included in any policy we recommend.

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Application & Approval

Everything you need to know about applying for coverage and what to expect.

How long does the application process take?

Some carriers offer same-day or next-day decisions with no medical exam. Traditional fully underwritten policies may take 4–8 weeks due to medical records requests and underwriting review.

Do I need a medical exam?

Not always. Many carriers now offer simplified issue or accelerated underwriting that uses data instead of a physical exam. Your age, coverage amount, and health history determine which path applies.

What if I've had health issues in the past?

Past health issues don't automatically disqualify you. Different carriers view health history differently. Our advisors shop your case to find carriers most likely to approve you at competitive rates.

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Coverage & Cost

Understanding how much coverage you need and what affects your premium.

How much coverage do I need?

A common rule of thumb is 10–12× your annual income, but the right amount depends on your debts, dependents, income replacement needs, and future expenses like college tuition. Our coverage calculator can help you estimate.

How much does term life insurance cost?

A healthy 30-year-old can often get $500,000 in coverage for $25–$40/month. Premiums depend on age, health, coverage amount, and term length. The best time to lock in low rates is when you're young and healthy.

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Policy Management

How to manage, update, or make changes to your coverage.

Can I change my coverage amount after purchasing?

Most term policies have fixed coverage amounts. To increase coverage, you'd typically need to apply for a new policy. Some carriers offer guaranteed insurability riders that allow changes without re-underwriting.

What happens if I miss a premium payment?

Most policies include a grace period (usually 30 days) after a missed payment. If you don't pay within the grace period, the policy lapses. Some policies allow reinstatement if you act quickly and may require evidence of insurability.