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TERM LIFE INSURANCE
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Term Life Insurance is Life Insurance that provides a designated death benefit for a specific amount of time. It protects the family and loved ones of the insured's income supports against financial burden in the event of of the untimely passing of the insured. Once those needs no longer need to be met, then the large payout Term policies are designed to expire.
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Term Life Insurance is used to protect against two main things...
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Large Debts/Loans (such as the Mortgage)
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Income Loss
...that would be caused from the unexpected passing of the person who's income is responsible for providing for the family.
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MORTGAGE PROTECTION
Mortgage Protection Life Insurance is...
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Term life insurance designed to cover your mortgage payment for your family if you pass away. The policy is typically designed around the same amount of money and years as the mortgage.
** Mortgage Protection Insurance (MPI) is a decreasing term policy designed to protect the mortgage only. Typically has inflated premiums and the benefit is payable to the lender, not to your family.**
More on MPI here
Why do I need coverage for Mortgage Protection?
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Mortgages aren't cheap!
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If you would like your family to be able to live in the same house without having to move and downsize because they can no longer afford the mortgage without your income then you need to ensure that payment is always made regardless of whether you are alive or not. Term life insurance is an inexpensive way to do just that.
What type of coverage do I need?
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TERM Life
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Term life insurance is the least expensive way to make sure your mortgage is covered for your family if you pass away.
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Different from Mortgage Protection Insurance (MPI) through the bank or lender. More info on MPI's here.
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How much do I need?
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Depends on how much of the mortgage you're responsible for...
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It depends how much of the mortgage you are responsible for or would want to be covered if you were to pass away. In a dual earner household you may see insurance coverage closer to 50% of the remaining mortgage, where in more of a one income dominated household that person would want to have a policy worth 100% of the remaining mortgage.​
How long do I need it for?
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Until the Mortgage is paid or the policy runs outs
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I.e. If you have a 30 year mortgage it is typical to get a 30 year term life insurance policy.
When should I get it?
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Whenever you have a mortgage and someone else you care about living under that roof.
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It is possible to have your mortgage and loss of income protected with the same term life policy.
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INCOME PROTECTION
Income Protection Life Insurance is...
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Term life insurance designed to cover your INCOME LOSS for your family if you pass away. The policy is typically designed around the amount of your annual salary and the lifestyle you want your family to live, and what you can afford.
Why do I need Income Loss Protection?
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If you would like your family to be able to live in the same house with the same lifestyle that your income was providing for then you have to account for if you were no longer here to provide that for them. Term life insurance is an inexpensive way to do just that.
What type of coverage do I need?
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TERM Life
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Term life insurance is the least expensive way to make sure you're able to provide the financial security your family needs in the event the worst happens to you.
![EMLI TL CHART.png](https://static.wixstatic.com/media/0ea1c6_a4789f1656c3432db6aeb44199aaddb2~mv2.png/v1/fill/w_376,h_282,al_c,q_85,usm_0.66_1.00_0.01,enc_auto/EMLI%20TL%20CHART.png)
How much do I need?
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Depends on how much you want to provide for...
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What would you like to provide for your family?
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Income for 'X' amount of years?​
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College tuition?
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Mortgages?
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Truth is it is different for everyone.
How long do I need it for?
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Until nobody else is dependent upon your income to live.
When should I get it?
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Whenever someone you love is dependent upon your income to live it would be a wise decision to invest in life insurance.
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Life Insurance Facts and Statistics
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In 2020, 54% of American adults had life insurance. 58% of men have coverage while only 47% of women are covered.
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40% of American adults know they are under insured or lack the life insurance coverage they need.
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42% of families would face financial hardship within 6 months of the majority income earners death, and 25% say they would suffer within a month.
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68% of households that have Life Insurance say they would be financially secure if the primary wage earner passed away versus only 47% of families who do not own life insurance.
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In 2021, 47% of Adults have said they put off purchasing the life insurance they know they need, although 36% of adults said they intended to purchase within a year.
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The number one reason people say they don't buy life insurance is because they believe the cost is too high, however, over 50% of Adults overestimate the cost of term life insurance by three times.