Term Life Insurance: Peace of Mind Worth Celebrating

Term life insurance coverage provides a safety net, ensuring your family can make ends meet if the unthinkable were to happen to you. Many people don't pursue getting term life insurance policies because they either don’t know how much life insurance coverage they need or assume they won’t be able to afford it. To find out how much a term life insurance coverage would cost you, get quotes quickly and easily with our online term life insurance calculator.

Ready to compare quick life insurance quotes?

Your life insurance quotes are always free.

 Secured with SHA-256 Encryption

Tim is a licensed life insurance agent with 23 years of experience helping people protect their families and businesses with term life insurance. He writes and creates stuff for QuickQuote and other insurance and financial websites.

Full Bio →

Written by

Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

Full Bio →

Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Jul 19, 2021

Advertiser Disclosure

It’s all about you. We want to help you make the right life insurance coverage choices.

Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.

Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.

September is Life Insurance Awareness Month. Did you order the cake and Mylar balloons?

O.K. I don’t really expect you to celebrate it, but I hope you’ll be open to revisiting the importance of life insurance and how it can give your loved ones peace of mind.

Life insurance provides a safety net, ensuring your family can make ends meet if the unthinkable were to happen to you. Would those who mean the most to you be able to continue to pay the bills, keep food on the table, and get an education if your paycheck were gone?

All in all, I believe people realize the value of life insurance. Many don’t pursue getting policies, however, because they either don’t know how much coverage they’ll need or they assume they won’t be able to afford it.

If one of those reasons is holding you back, don’t let it intimidate you and keep you from protecting your family.

How Much Life Insurance Coverage do you Need?

Everyone’s situation is unique, so there’s no magic formula to determine your needs. It takes sitting down and reviewing your financial situation.

When deciding how much life insurance to apply for, consider your

  • Expenses – including mortgage payments, funeral costs, loan payments, tuition expenses, etc.
  • Income needs beyond the expenses mentioned above.
  • Assets – including savings accounts, 401Ks, IRAs, pensions, etc.
  • Spouse’s income.
  • Other life insurance policies – like those provided by an employer.

After you’ve taken inventory of all that, you can estimate your life insurance needs by using a good Life Insurance Needs Calculator.

Your life insurance quotes are always free.

 Secured with SHA-256 Encryption

Can You Afford Life Insurance?

The misconceptions about life insurance premiums scare a lot of people away. According to the LIMRA and LIFE Foundation 2013 Insurance Barometer Study, 86% of uninsured people haven’t purchased life insurance because they think it’s too expensive, but they’re overestimating its true cost by over double.

That’s some serious misunderstanding about the cost of life insurance!

The truth is you have many options. Term life insurance, in particular, provides a lot of flexibility so you can more closely align your needs with your budget. Compared to other forms of life insurance, term life enables you to purchase the greatest amount of coverage for the lowest premium.

Unlike permanent (whole and universal) life policies, term life policies provide coverage for a period of time (a.k.a. the policy term). Your beneficiaries will receive a payout if you die before the term has expired. Typical terms are 10, 15, 20, 25, and 30 years, but you could get a five-year or even a one-year term policy. The shorter the term, the lower your premium.

To find out how much a term life policy would cost you, you can get a term life insurance quote quickly and easily online.

Besides its affordability, term life insurance provides versatility. Within a certain period during your term, you have the option to convert your term life policy to a permanent policy. Although this option would increase your premium, the coverage that would have ended at the close of that term then continues for life.

Is Your Household Among the 70% Without Life Insurance in the U.S.? Why?

It’s true; 30% of U.S. households do not have life insurance. Plus, 50% say they need more life insurance.*

If you’ve procrastinated in taking a serious look at how to protect your family’s well-being with a life insurance policy, what better time than Life Insurance Awareness Month to get started?

Determine your needs and get a no-obligation term life insurance quote.

After you discover how affordable a term life policy can be, you might feel like celebrating after all.

*Source: LIMRA Facts of 2013

Ready to compare quick life insurance quotes?

Your life insurance quotes are always free.

 Secured with SHA-256 Encryption

QuickQuote is a BBB Accredited Business. BBB