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Life insurance
Term life insurance pays a death benefit if the insured dies within a fixed period, such as 10, 20 or 30 years, and builds no cash value. Because it covers only a defined window, it generally costs far less per dollar of coverage than permanent life insurance, which makes it the usual fit for large income-replacement needs.
Term is the workhorse of needs-based selling. When a calculator shows a young family needs a seven-figure death benefit, term is usually the only product that fits the budget. The key design choices are the length of the term, whether premiums are level, and whether the policy can be converted to permanent coverage later without new underwriting.
Matching the term length to the need is where the numbers help. A prospect who entered 20 years of income to replace and a mortgage with 22 years left has, in effect, told the producer what term length to discuss. Those inputs arrive with the lead from the life insurance calculator.
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