• LIFE PRODUCTS

        • Your Guide for a fortified tomorrow.

        • Term life insurance is a type of life insurance policy that provides coverage for a specified period, known as the term.

          Unlike permanent life insurance policies, such as whole life or universal life, which offer coverage for the insured’s entire life, term life insurance offers coverage for a predetermined period, typically ranging from 5 to 30 years.

          This type of insurance is designed to provide financial protection to your loved ones in the event of your untimely death during the term of the policy.

          Universal life insurance is a type of permanent life insurance that combines a death benefit with a cash value component.

          Unlike whole life insurance, which typically offers fixed premiums and cash values, universal life insurance provides policyholders with flexibility in premium payments, death benefit options, and the allocation of cash value among investment accounts.

          This flexibility allows policyholders to adjust their coverage and premiums over time to suit their changing financial needs and goals.

          Whole life insurance is a type of permanent life insurance that provides coverage for the entire lifetime of the insured individual, as long as premiums are paid.

          Unlike term life insurance, which offers coverage for a specified period, whole life insurance offers lifelong protection and includes a cash value component that grows over time.

          This cash value accumulation provides policyholders with an additional financial asset that can be accessed during their lifetime through policy loans or withdrawals.

          Long Term Care (LTC) insurance provides financial protection by covering the expenses related to long-term care services, encompassing a wide range of healthcare needs including nursing home care, assisted living facilities, in-home care, and various medical services required for chronic illnesses, disabilities, or conditions necessitating assistance with daily activities over an extended duration of time.

          Disability insurance is a type of insurance coverage designed to provide financial protection in the event of a disabling injury or illness that prevents an individual from working and earning an income.

          Disability insurance replaces a portion of the insured individual’s income if they become disabled and are unable to work, helping to cover essential living expenses, medical bills, and other financial obligations during a period of disability.

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Welcome to
Term Life Insurance

Protecting Your Family's Tomorrow

What is Term Life Insurance

Term life insurance is a type of life insurance policy that provides coverage for a specified period, known as the term.

Unlike permanent life insurance policies, such as whole life or universal life, which offer coverage for the insured’s entire life, term life insurance offers coverage for a predetermined period, typically ranging from 5 to 30 years.

This type of insurance is designed to provide financial protection to your loved ones in the event of your untimely death during the term of the policy.

what is term life image

Why Term Life Insurance

Term life insurance offers several key benefits that make it an attractive option for individuals looking to protect their family’s financial future. One of the primary reasons people choose term life insurance is its affordability. Term policies generally have lower premiums compared to permanent life insurance, making it a cost-effective option for obtaining coverage.

Additionally, term life insurance provides straightforward coverage for a specific period, offering peace of mind knowing that your loved ones will be financially protected during the term of the policy. It’s a flexible solution that allows you to tailor coverage to your needs, whether you’re looking to protect your family while paying off a mortgage, funding your children’s education, or covering other financial obligations.

How does Term Life Insurance Work

Term life insurance works by providing coverage for a predetermined period, typically ranging from 5 to 30 years.

During this time, if the insured individual passes away, the death benefit is paid out to the beneficiaries named in the policy. The death benefit can be used by the beneficiaries to cover expenses such as mortgage payments, daily living expenses, outstanding debts, or any other financial needs.

Premiums for term life insurance are generally fixed for the duration of the term, providing predictable costs throughout the policy’s term. However, once the term expires, coverage ends, and there is no cash value or investment component associated with term life insurance Codepolicies.

Who may need Term Life Insurance

Young Families

Individuals with young children or dependents who rely on their income to cover living expenses, education costs, and other financial obligations.

Homeowners

Homeowners looking to protect their family from the financial burden of mortgage payments in the event of their passing.

Business Owners

Business owners seeking to provide financial security for their family and ensure business continuity in the event of their death.

Individuals with Outstanding Debts

Individuals with outstanding debts such as student loans, car loans, or credit card debt, who want to ensure their debts are covered without burdening their loved ones.

Term Life Insurance Advantages and Disadvantages

Advantages
checkedAffordable premiums, making it accessible for many individuals.
checkedProvides straightforward coverage for a specific period, offering peace of mind.
checkedFlexibility to choose coverage duration based on individual needs.
checkedThe death benefit is typically received tax-free by designated beneficiaries.
checkedCan be used to cover various financial needs, including mortgage payments, education expense, and outstanding debts.
Disadvantages
Coverage is temporary and typically expires at the conclusion of the term period.
Does not accumulate cash value or offer investment opportunities.
Premiums may increase upon renewal if the policy is renewable term life insurance.
May not be suitable for long-term financial planning or estate preservation.

Term Life Insurance Tools and Resources

Calculator
Educational Resources
Speak to an Adviser
Customer Support

Frequently Asked Questions

Life cover, also known as life insurance, provides financial protection to your loved ones in the event of your death. It offers a lump sum payment to the beneficiaries, helping them maintain their financial stability and cover expenses such as funeral costs, mortgage payments, and everyday living expenses.

EMAXONELIFE offers a range of life insurance products to cater to different needs and preferences. Our life insurance options include term life insurance, whole life insurance, universal life insurance, (IUL) indexed universal life, long term care insurance, disability insurance, and annuity products. Each product provides unique features and benefits allowing individuals to choose the coverage that best suits their requirements.

EMAXONELIFE offers life insurance coverage to a wide range of individuals. Eligibility requirements may vary depending on the specific policy and coverage selected. Generally, anyone who meets the following criteria can apply for life insurance:

checkedMust be of legal age (18 years or older)
checkedMust be a citizen or permanent resident
checkedMust meet the underwriting standards set by EMAXONELIFE, including health and lifestyle factors.
checkedSome policies may have additional eligibility criteria or restrictions, which can be discussed with an EMAXONELIFE Insurance Advisor.
Life insurance is available to individuals who meet the eligibility criteria set by EMAXONELIFE. While the specific requirements may vary, generally, the following individuals can have life insurance:
playtime for minorsMinors
working professionalsWorking professionals
stay at home parentsStay-at-home parents
seniorsSeniors
business owners 1Business owners
financial dependentsIndividuals with financial dependents
homeowners with mortgagesHomeowners with mortgages
individuals seeking to protect their loved ones financiallyIndividuals seeking to protect their loved ones financially

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