It provides protection at a guaranteed rate for a specific period, such as 10 or 20 years. At the end of the term, if you want to keep your protection, you can renew the policy or convert it to permanent insurance.
It provides protection for life, as long as your premiums are paid. In some cases, you can accumulate a tax-advantaged investment or cash value that may increase the amount you leave to your beneficiary.
Even if you have insurance through a benefits plan at work, it may not be enough to maintain your family’s current standard of living in the event of a death. An individual policy can help top up your benefits – and stay with you, even if you change jobs.