Life Doesn’t Come With Guarantees. Your Family’s Future Should.

1. What is Term Life Insurance?

Term Life Insurance is the simplest and most straightforward form of life insurance. Think of it as renting financial protection for a fixed period—usually 10, 15, 20, or 30 years.

Unlike Whole Life or Universal Life policies that combine insurance with investments, Term Life has only one purpose: to provide a lump-sum payout to your family if you pass away during the policy term.

Because it does not build cash value or include management fees, Term Life Insurance is significantly more affordable. It is designed to replace your income during the years your family depends on it the most.

2. Who Actually Needs Term Insurance?

If someone would face financial hardship in your absence, you need life insurance. Term Life Insurance is ideal for:

• Parents with Minor Children: To cover education, childcare, and daily expenses.
• Homeowners with a Mortgage: To ensure your family can retain the home.
• Business Owners: To manage business liabilities or fund succession plans.
• Stay-at-Home Parents: To replace the cost of childcare and household management.

3. How to Calculate Your Coverage Needs

One of the biggest mistakes people make is under-insuring. At Insure2Cover, we recommend the simple and effective DIME Method.

• D – Debt: Outstanding loans such as home, car, and credit cards.
• I – Income: Annual income × number of years your family needs support.
• M – Mortgage: Remaining home loan amount.
• E – Education: Estimated cost of your children’s education.

Formula:
Debt + (Income × Years) + Education = Required Coverage

For most families, this typically results in coverage between $500,000 and $1,500,000, depending on lifestyle and responsibilities.

4. Term Life vs Whole Life Insurance

The most common debate in life insurance is Term vs Whole Life. Our recommendation for most families is: “Buy Term and Invest the Difference.”

For 95% of families, Term Life Insurance delivers maximum protection without straining monthly finances.