Today, we're highlighting one of our voluntary benefits: Term life insurance.
Term insurance is designed to protect your dependents in case you pass away prematurely. If you have a term policy and pass within the term, your beneficiaries receive the payout. The policy has no other value beyond that.
You choose the term, for example, 10, 20 or 30 years, when you buy the policy. The payout and the premium typically stay the same throughout the term.
Not sure how long of a term to purchase? Ideally, your family’s need for life insurance ends when the term expires: Your kids are on their own, the house has been paid off, and you have a plenty of retirement savings.