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Term Life Insurance
Written By Ken Connolly 6/24/2025
Key Points
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Term Life lasts for a predetermined amount of time such as 15, 20 or 30 years.
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Term Life is often very cost effective due to its relatively low premiums and high benefit amounts
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It is what we recommend for many young families
What is Term Life?
Term Life is a type of life insurance that lasts for a predetermined period of time. After a certain number of years, the policy will expire, and you can decide if you’d like to renew it.
Why Term Life?
You may be wondering, why would I take a life insurance policy that will eventually expire? Term Life is a great option because it tends to have a very high payout amount relative to the low monthly premiums paid.
It is a great option for young families who need to pay for things like a mortgage, cars, and college in the event of someone passing, without hurting the families' monthly budget.
Term Life Enrollment Process
Choosing a Term Life policy starts by seeing how much coverage your family needs. We factor in costs such as your mortgage, cars, student debt, income replacement, and childcare and determine how much of a benefit you would need in case something were to happen. We will also take your health into account to get an estimate of what your monthly premium will be.
We then fill out an application. The application will collect your basic information as well as information related to your health and finances. If the policy is not express issue, the insurance company will then reach out to gather more health information and schedule a blood and urine test.
After gathering all of your information, the insurance company will determine your health status and offer you a policy with a monthly premium that you can accept or deny.
What To Expect Upon Your Passing
In the event of your passing, your family should receive the benefit in 14-30 days. Be sure to keep your primary and secondary beneficiaries up to date. Any discrepancies in their information and status may cause issues down the line.
Do I Really Need Life Insurance?
That depends. Do you want your family to have a roof over their head? Food on the table? The ability to have a level of financial independence?
It can be scary to think about the passing of you or your spouse. But getting a life insurance policy is one of the most important things you can do for your family. The longer you wait, the more expensive it may be. And the more you put your family at risk.
About the Author
Ken Connolly is a licensed life and health insurance broker and the Marketing Director of NJ Life and Health. He has personally helped hundreds of people with their Medicare and life insurance needs across several states.