Pure death benefit protection for a fixed period — no cash value, no complexity. Just affordable coverage that protects the people who depend on you most.
Term life insurance provides a death benefit to your beneficiaries if you pass away during the policy term. Unlike whole life, there is no cash value component — which is exactly why premiums are so affordable. You're paying purely for protection.
Choose a term that matches your financial obligations: cover your mortgage, protect your children's college fund, or replace your income during your peak earning years.
Your rate is locked in for the entire term. The most popular option — predictable, budget-friendly, and simple.
Starts lower but increases each year. Best for short-term needs or as a bridge while you shop for longer coverage.
100% of your premium goes toward protection. No investment component means maximum coverage for minimum cost.
Term life costs 5–15x less than whole life for the same death benefit. A healthy 30-year-old can get $500K coverage from ~$25/month.
Choose 10, 20, or 30 years. Your coverage and premiums stay exactly the same for the entire duration.
Most term policies include a conversion option — switch to permanent coverage without a new medical exam before the deadline.
Each term length is designed for different life stages and financial obligations.
Short-term protection
Lowest premiums available; ideal for specific, time-bound financial obligations
Shortest coverage window; renewal premiums increase significantly
The balanced choice
Best balance of affordability and long-term protection; covers most major financial milestones
Higher premiums than 10-year; may not cover full working career
Maximum coverage window
Longest fixed-rate protection; locks in today's low rate for three full decades
Highest monthly premium; may outlive the need for coverage
Adjust the inputs below for an instant estimate. Contact us for a precise, personalized quote.
Estimated rates for non-smokers in good health
* Estimates based on average rates for non-smokers in good health. Actual premiums may vary based on underwriting.
Understand the key differences to make the right choice for your family.
| Feature | Term Life | Whole Life |
|---|---|---|
| Monthly Premium (Age 35, $500K) | $25–$45 | $250–$450 |
| Coverage Duration | 10, 20, or 30 years | Lifetime |
| Cash Value | ✗ None | ✓ Grows over time |
| Premium Stability | ✓ Fixed for term | ✓ Fixed for life |
| Flexibility | Convertible to whole life | Policy loans available |
| Best For | Temporary needs, tight budgets | Estate planning, wealth building |
| Medical Exam | Often not required | Usually required |
Term life insurance is designed for people with specific, time-bound financial obligations. Here's who benefits most.
Protect your children's future with coverage that lasts until they're financially independent.
Learn more →Match your term to your mortgage length so your family never has to worry about the house payment.
Learn more →Replace your income for your dependents during the years they need it most — while you're still working.
Learn more →Key person insurance protects your business if a critical partner or executive passes away unexpectedly.
Learn more →One of the most valuable features of term life insurance is the conversion privilege. If your needs change, you can switch your term policy to a permanent whole life policy without a new medical exam — regardless of any health changes since your original policy.
This means the coverage you lock in today can stay with you for life, even if your health declines.
Most policies require conversion before age 65 or within the first 10–20 years of the term, whichever comes first. Check your specific policy for exact deadlines. Our advisors can help you plan the optimal conversion timing.
Reach out to your Palmwood advisor to discuss conversion. No new application is needed.
Select the permanent coverage amount and type. You can convert all or part of your term policy.
Your original health rating carries over. Even if your health has changed, you get the same classification.
Your new whole life policy begins immediately with no gap in coverage. Cash value starts accumulating on day one.
Enhance your term life policy with optional riders that address specific needs.
Access a portion of your death benefit early if diagnosed with a terminal illness (typically 12–24 months life expectancy). Provides funds when you need them most — often included at no additional cost.
If you become totally disabled and unable to work, this rider waives all future premium payments while keeping your full coverage in force. Your policy stays active even if you can't pay.
Add affordable coverage for all your children under one rider. Typically provides $10K–$25K per child and is convertible to their own permanent policy when they reach adulthood.
If you outlive your term, this rider refunds 100% of premiums paid. Higher cost than standard term, but guarantees you don't "lose" your investment if you remain healthy.
Get answers to the most common questions about term life coverage.
When your term expires, coverage ends and no death benefit is payable. Most policies offer two options: renew at a higher premium based on your current age, or convert to a permanent whole life policy without a new medical exam, subject to the conversion deadline in your policy.
Yes, most term policies include a guaranteed renewability option. You can renew annually after the initial term ends, though premiums will increase each year based on your attained age. Renewal does not require a new medical exam.
For most families, term life provides excellent protection at the lowest cost. It's ideal for covering specific obligations like mortgages, children's education, or income replacement. If you need lifelong coverage or cash value accumulation, consider adding a whole life policy alongside your term.
10-year term life is the cheapest option, with monthly premiums often 30–40% lower than 30-year terms for the same coverage amount. However, 20-year terms offer the best balance of affordability and long-term protection for most families.
Yes, most term policies include a conversion privilege allowing you to switch to a permanent whole life policy without a medical exam. This must be done before the conversion deadline specified in your policy, typically before age 65 or within a set number of years.
Standard term policies do not return premiums. However, Palmwood offers a Return of Premium (ROP) rider that refunds all premiums paid if you outlive the term. ROP policies cost more but guarantee you won't lose your investment.
A common guideline is 10–15x your annual income, plus outstanding debts, future education costs, and final expenses minus your spouse's earning capacity. Our advisors can help you calculate the right amount with a personalized needs analysis.
Yes! Many people use a "laddering" strategy with multiple policies of different term lengths to match decreasing obligations over time — e.g., a 30-year policy for income replacement plus a 15-year policy for your mortgage balance.
Get a personalized term life insurance quote in minutes. No obligation, no pressure — just the coverage your family deserves.