We believe that life insurance is best used as a temporary product, because your financial situation is dynamic. Mortgages don’t last forever and kids grow up and become financially independent. The simplest way to utilize life insurance is to buy a term that will last until you have enough assets to cover your liabilities (and future liabilities), or your dependents are financially independent.

Your policy ends when one of three things happens:

• You pass away during the term. In this case, your beneficiaries will receive the benefit provided by your policy. The policy ends when you pass away, your death has been verified, and the benefit has been paid out.
• You are still alive and the term of the policy runs out its duration and expires. In this case, you’ve enjoyed years of being confident that your people would have financial security if you passed away. Your policy did its job.
• You cancel coverage willingly or stop paying premiums. In this case, you’ve enjoyed being confident that your people would have financial security if you passed away, while your policy was in place.

You also have the option to renew the policy at the end of the term on an annual basis for up to an additional five years. You’ll pay a higher premium for the renewal period but you have an option if you decide that you still need coverage.