| PROS OF TERM LIFE INSURANCE | CONS OF TERM LIFE INSURANCE |
|---|---|
| 1. Least expensive insurance option | 1. Coverage is only temporary |
| 2. Lower initial premiums at a young age | 2. Becomes very expensive at a later age |
| 3. Higher death benefit available at low cost | 3. No cash value accumulation |
| 4. Renewable and convertible plans | 4. Premiums will go up at each renewal |
| 5. Very simple and straightforward | 5. Limited coverage as its expensive and not everyone can afford it |
- Individuals looking for cost-effective & temporary solutions
- Pay off a mortgage or other debts
- Provide for your dependents
- For children’s education fund
- Small business owners
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