Term Life Insurance

Term life insurance is a type of life insurance policy that provides coverage for a specific period, or "term." The policy pays a benefit to the designated beneficiary in the event of the policyholder's death during the term. If the policyholder does not die during the term, the policy will expire without any value.

Term life insurance is generally less expensive than permanent life insurance, such as whole life or universal life, because it provides coverage only for a specific period of time and does not build cash value. The premium for a term life insurance policy is based on factors such as the policyholder's age, health, and the amount and length of coverage.

There are several types of term life insurance policies available, including:

  • Level term: This policy provides coverage for a set period, such as 10, 20, or 30 years, and the premium remains the same throughout the term.
  • Decreasing term: This policy provides coverage that decreases over time, while the premium remains the same. This type of policy is often used to provide coverage for a mortgage or other type of debt that decreases over time.
  • Increasing term: This policy provides coverage that increases over time, while the premium remains the same. This type of policy is often used to keep pace with inflation.
  • Convertible term: This policy allows the policyholder to convert the term policy to a permanent policy, such as whole life or universal life, without undergoing a medical exam.

Term life insurance policies may also include additional features, such as a return of premium rider, which allows the policyholder to receive a refund of premiums paid if the policy is not used during the term.
It's important to carefully consider the length of the term and the amount of coverage when selecting a term life insurance policy. If you have a term life insurance policy, it is a good idea to review and update the policy as needed to ensure that it continues to meet your needs.

Talk to one of our knowledgeable insurance professionals about your life insurance needs to find the policy that best fits your unique situation.

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Kimberley Mondus
Life and Health Benefits Manager


In the insurance business since 1989, with almost 30 years in the insurance business, Kimberley Mondus started with John Hancock Insurance in the group health department, processing medical and dental claims, where she then became a claims auditor and trainer.
John Hancock group health was then purchased by Wellpoint's Unicare Insurance in 1996 where she continued to audit claims for large companies such as Com Ed and Abbott Labs. In 2000 she moved to the agency side of the business for Group Health and Life and has been there ever since. Kimberley joined the Concklin Insurance Agency family in 2015 and would like to continue to add to her knowledge of insurance with Commercial and Personal lines coverage as well. She is licensed in Life & Health as well as Property & Casualty.

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Can I choose my own coverage limits for my home?

Coverage limits are the max amount an insurance policy will pay out in the event of a covered loss. When we are talking about the structure of your home, we are referring to Dwelling Coverage, or Coverage A in your homeowner’s policy. In the event of a complete loss, such as if your home burns down or is hit by a tornado, you’ll want these limits to be high enough to cover the costs of rebuilding your home.