Term Life Insurance may be ideal for protecting your family or business if you:
- only need coverage for a certain period (i.e. Mortgage Insurance) or
- if you are trying to minimize your initial premium outlay but plan to convert to a permanent coverage.
Most companies now carry the living benefits on their term products which makes it more affordable.
Term insurance may be appropriate for young families with low cash flow and high protection needs, for consumers whose protection needs are temporary, or to supplement permanent life insurance.