Term Insurance is life insurance you can purchase that covers you for a limited, specific amount of time — five, ten, or twenty years, for example — at a fixed rate of payment. Should the insured die during that term, the death benefit is paid to their beneficiary. Term insurance is often the least expensive way to purchase a substantial death benefit in a cost-effective manner.
Costs vary depending on several parameters, like age, health, and other relevant demographic information. They also vary among life insurance companies, as illustrated in the table below.
Nineteen term insurance policy prices were compared to find the lowest price for policies that met the needs of the individuals in this example. Compared to the average annual cost of those plans, premiums for plans through Symetra and Principal were consistently lower than average while offering comparable policies.
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