Term life insurance is usually the most affordable type of life insurance. It provides temporary financial protection for your loved ones during your working years. The death benefit pays money directly to your beneficiaries to help with funeral costs and ongoing financial obligations such as daily living expenses, child education and mortgage payments.
Common types of term life insurance that may be available through your workplace include:
Basic Term Life: Generally an employer-paid coverage offered for a set period of time that provides your beneficiaries with essential financial protection.
Supplemental Term Life: An employee-paid benefit allowing you to purchase additional protection as your needs change over time. Dependent, spouse or domestic partner coverage may also be available. 1
Dependent Term Life: Provides coverage for your spouse, civil union partner or domestic partner and eligible children.
For complete plan details, talk to your company’s benefits administrator.
