Everything You Need to Know About Term Life Insurance

Term life insurance offers a flexible, customizable way to help protect what matters most during the years you need it most. Unlike permanent life insurance, term life insurance allows you to tailor protection based on your current needs, timeline and financial goals. At Farm Bureau, there are a variety of options designed to meet families where they are, whether you’re growing your household or planning ahead. 

Farm Bureau can help you choose the right solution for your situation, but here are some basics to get you started.  

What Is Term Life Insurance?

Designed to provide coverage for a specific period of time – typically 10, 20 or 30 years – term life insurance is a straightforward and affordable way to protect your family during key financial milestones. If the insured passes away during the term, the policy pays a death benefit to beneficiaries, offering financial support when it’s needed most. Because it focuses on a defined timeframe rather than a lifelong coverage, term life insurance is often easier to align with your budget and priorities. 

Many people choose term life insurance to help assist with major responsibilities like a mortgage payment, replace lost income or fund future expenses such as a child’s education. It can be a solution for families who want dependable protection during their working years when financial obligations are typically their highest. 

Farm Bureau Term Life Insurance Policy Options

When it comes to term life insurance, you have options designed to fit your specific needs, goals and stage of life. Here are some term life insurance policy options at Farm Bureau. 

Choice Term

As a traditional term life option, Choice Term provides coverage for a set period of time – 10, 15, 20 or 30 years, or until age 65. Premiums typically stay level during your selected term, but may increase if you extend your coverage later.

Income Guard Term Life

Instead of a lump sum payout, Income Guard provides steady monthly payments, like a paycheck, for 10, 20 or 30 years, plus a $20,000 one-time death benefit. This structure can help cover ongoing expenses like housing, childcare or other bills.

Return of Premium

This option offers coverage for 30 years and returns all your base premiums at the end of the term if unused. The refund is non-taxable and can be used however you choose.

Increasing Term

Designed for growing needs, this 20-year policy lets you increase your coverage within the first five years without additional underwriting. This is ideal for those expecting future financial changes, like expanding a family or increasing income. 

Benefits of Term Life Insurance

Our term life insurance offers a combination of affordability and flexibility. Compared to whole life insurance, term policies typically come with lower premiums, making it easier to get meaningful coverage within your budget. Term life policies can also be customized with optional riders – such as children’s coverage, a disability waiver of premium and more – so you can tailor protection to you and your family’s needs. Plus, with the range of term lengths available, you can align your coverage with major life stages, like raising kids. 

Protect Your Family’s Future

Ready to take the next step? Connect with Farm Bureau to explore your options and find the term life insurance policy that fits your needs today, and where you’re headed tomorrow.