Term Life Insurance

Term life insurance can be one of the most affordable ways to protect your family, your mortgage, and your income for a set number of years.

For many homeowners, term life is the first policy type to compare because it can provide a larger death benefit at a lower monthly cost than many permanent life insurance options.

Mallard Mortgage Protection helps homeowners and families compare term life insurance options from 40+ carriers. Depending on your age, health, state, coverage amount, and policy type, no medical exam and same-day approval may be available.

Term life insurance is life insurance that lasts for a specific period of time.

That period is called the term.

Common term lengths include 10, 15, 20, or 30 years, depending on the carrier, your age, health, and coverage amount.

If you pass away while the policy is active, the death benefit can go to your beneficiary tax-free. Your beneficiary can use the money for the mortgage, bills, income replacement, final expenses, debts, childcare, education costs, or whatever they need most.

Term life is often used when a family wants strong protection during the years they have the biggest financial responsibilities.

Term life insurance works by providing coverage for a set number of years.

You choose a coverage amount, apply with a carrier, and if approved, the policy goes into effect. If you pass away while the policy is active, the death benefit is paid to your beneficiary.

The process usually looks like this:

If the term ends while you are still alive, coverage may expire unless the policy includes renewal, conversion, or other options. Those options depend on the policy and carrier.

Homeowners often use term life insurance because it can help protect the mortgage and family income during the years when financial risk is highest.

For example, if you have 25 years left on your mortgage, a 20-year or 30-year term policy may help protect your family during the years they would need support most.

Term life can help your family:

The death benefit does not have to go directly to the lender. With a personal term life policy, your beneficiary can decide how to use the money.

Term life insurance and mortgage protection insurance are not always separate things.

Mortgage protection is usually the purpose of the coverage. Term life is one type of policy that can be used for that purpose.

For many healthy homeowners, term life is one of the best mortgage protection options because it can provide larger coverage amounts at a lower monthly cost.

Term life insurance may be a good fit if you want affordable coverage for a specific period of time.

It may make sense if:

Term life is usually strongest for people who need temporary protection during a specific financial window.

Term life is not the best fit for everyone.

You may need a different option if:

In those cases, whole life, final expense, indexed universal life, simplified issue, or guaranteed issue life insurance may be worth comparing.

Mallard Mortgage Protection compares 40+ carriers and multiple policy types so you are not forced into one option.

Term life insurance is usually available in different term lengths.

The right term length depends on your mortgage, age, family, budget, and how long your loved ones may need protection.

The right term life coverage amount depends on what you want the policy to do.

Many homeowners start with the mortgage balance, but your family may need more than just the mortgage covered.

Think about:

Some families want enough coverage to pay off the mortgage. Others want enough to replace income, cover debts, and give the family time to adjust.

Term life insurance cost depends on several factors.

For many healthy applicants, term life is often the lowest-cost way to get a larger amount of life insurance coverage.

The best way to know what it may cost is to compare quotes based on your actual age, health, coverage amount, and term length.

Some seniors may still qualify for term life insurance, especially in their 60s.

Availability depends on age, health, tobacco use, coverage amount, term length, and carrier rules.

For older applicants, shorter terms or smaller coverage amounts may be more realistic. In some cases, whole life, final expense, simplified issue, indexed universal life, or guaranteed issue coverage may be a better fit.

Term life for seniors may make sense if:

Mallard Mortgage Protection helps homeowners under 85 compare available options, but term life availability varies by age and carrier. Learn more about mortgage protection insurance for seniors.

Term life and whole life are both life insurance, but they work differently.

Term life may be better if you want affordable coverage for a specific period. Whole life may be better if you want permanent coverage.

Term life and final expense insurance solve different problems.

Term life is often used for larger needs, such as mortgage protection, income replacement, or family protection.

Final expense insurance is usually smaller whole life coverage designed to help with funeral costs, burial or cremation expenses, final bills, or immediate family needs.

Some families use both: term life for the mortgage and income protection, plus final expense coverage for end-of-life costs.

Term life insurance usually requires more underwriting than guaranteed issue life insurance.

Guaranteed issue life insurance usually has no medical exam and few or no health questions, but it also usually has smaller coverage amounts, higher cost per dollar of coverage, and a graded benefit period.

Term life is often better if you can qualify. Guaranteed issue can be useful when other options are not available.

Term life insurance can be a strong option, but it is not perfect for everyone.

The best way to know if term life is right for you is to compare it against other options based on your actual goals.

Getting term life insurance through Mallard is simple.

No medical exam may be available for many applicants. Same-day approval may be available depending on the carrier, policy type, age, health, state, coverage amount, and application details.