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