Term Life Insurance

Protecting your family has never been this easy or affordable. Term life insurance is an inexpensive solution that provides a specified payout to your loved ones should you pass away. Get a quote today, and secure your family's financial future.

What is term life insurance?

Term life insurance is a type of life policy that guarantees a specified death benefit amount during a defined period. It's easiest to think about term life as a "rental policy"; you essentially "rent" life insurance for a period, say 20 years, and if you die within that 20 years, a beneficiary will receive the death benefit. Unlike whole and universal life, term life does not accrue cash value. At the expiration of the policy, the insured may let it expire, or potentially extend the term or convert the policy to permanent coverage.

Click here to learn more about how life insurance works.

Who is term life insurance for?

When considering if term life insurance is right for you, it's important to ask yourself a few questions:

  1. Are you looking to cover your funeral expenses? 
  2. Do you have a mortgage or other debts that your loved ones would need to take care of should you die?
  3. Are you worried about leaving unpaid bills behind, such as medical expenses?
  4. Will your family be able to sustain their current lifestyle without your income?
  5. Are you a stay-at-home parent with younger kids?

If you answered yes to any of the above questions, term life insurance may be an appropriate option for you. Term life is a less expensive option compared to a permanent policy, which makes it an attractive option. It is an ideal way for first-time homebuyers, entrepreneurs, part-time employees, and first-time life insurance buyers to get coverage. Typical plans are 5-, 10-, 15-, 20-, or 30-year plans.

A Case Study

Mark and Charlotte have been married for the past 5 years. Both are 30 years old and have good jobs. Charlotte works as a criminal defense lawyer for a well-respected law firm, while Mark is finishing up his MBA in Finance.

Young and healthy, life insurance may not seem like a top priority. However, both are carrying a lot of student debt from their advanced degrees. Plus, they recently moved out of their apartment and into their first home. If something were to happen to either one of them, the other would be left with debt and half the income to pay for it.

The Solution

Both Mark and Charlotte have a $250,000, 20-year term life policy. This means that if one were to go within that 20-year time frame, the other would receive $250,000 of tax-free income to help lessen the impact of lost income, and to help pay for remaining debts. The best part is it costs them each less than $20 per month.

Get Instant Life Insurance!

Get Instant Life Insurance!

We understand that purchasing life insurance can be painful. With ERIExpress Life, you can get up to $500,000 of life insurance coverage today, without a paramed exam!* There is also no medical history questionnaire. It only takes 5-10 minutes, and you only have to answer a few basic questions. Call us now at (814) 238-8895 to see if you qualify.

*Types of life insurance available may vary. Interested individuals may or may not qualify for ERIExpress Life.

Isn't life insurance expensive?

Life insurance is not a luxury item.

Life insurance is sometimes viewed as a luxury item; an instrument of the ultra-wealthy to pass down enormous sums of money and avoid paying taxes. In reality, an extremely small percent of all life insurance policies are structured this way. Most Americans use life insurance for three primary purposes; to cover funeral and burial costs, replace lost income, and pass money to a beneficiary. But, we aren't talking about millions of dollars here. The average American has approximately $163k of coverage, and many pay less than the cost of their auto insurance per month for life insurance.

Most Americans also overestimate the cost of life insurance, often by 3x the actual cost. A survey by LIMRA highlights this. When people were asked what they thought the annual premium for a $250,000 term policy for a healthy 30 year old would be, the majority guessed $400. Individuals under 25 guessed $600 per year, and 25% said it would cost over $1,000.

In reality, the cost of this policy is normally $160 per year. Put in other terms, this equals about $13 per month, or a little over 40¢ per day. How much did you spend on that latte the other day?



Customize Your Coverage

Customize Your Coverage

Your needs are unique; that's why we offer a variety of life insurance riders, which are optional add-ons, that you can use to tailor your life insurance policy to fit your needs. You can use these riders to purchase additional insurance later in life, add coverage for your children, or pay for long-term care expenses.

Ready to get started with a term life quote from Saleme Insurance? 

Get protection for as little as $16 per month!