Term Life Insurance
Pure life cover for a fixed period (10, 20, or 30 years) with no investment component.
Term life pays a death benefit if you die during the policy term, and pays nothing if you outlive it. Because there is no cash value and no savings element, premiums are dramatically lower than whole life or universal life: a healthy 30-year-old non-smoker can get $1 million of 20-year term cover for roughly $25 to $40 a month. The right move for most families is term life sized to cover income replacement (often 10 to 15 times annual income) plus debts and future college costs. Pair it with investing the savings in a 401(k) or Roth IRA.
Inside Finlo
A 60-second lesson that puts this term in context, alongside the others, lives inside the Finlo app.