What is term life insurance?

Term life insurance is typically the most affordable way to give you comfort knowing that your loved ones will be cared for even after you're gone. It is most often available in coverage terms of 10 years, 15 years, 20 years and 30 years.

Who might benefit from term life insurance?

Term life insurance is a good option if you want to be covered during the time when the need is greatest (for example, when your kids are younger or while you're paying a mortgage).

Steps to determine term life coverage


Select the duration of coverage

Decide the number of years your need will be greatest (for example, when your kids are younger or while you’re paying a mortgage).


Determine how much you need

Think about how much your loved one may need to replace your income. This can be accomplished using a needs analysis calculator.

Benefits of term life insurance

Protection for the period of time you want

Term life insurance is available in 10-year, 15-year, 20-year or 30-year terms, and is renewable annually until the holder reaches age 95. A term policy can be converted to a permanent life insurance policy at any time during the term period (up to age 65).

Affordable coverage that will not increase over time

Guaranteed level premium remains stable for the duration of the term.

Income tax free payout

The payout your beneficiary receives if you die during the coverage period is typically income tax free and has a steady value throughout the life of the policy.

Our term life insurance product

It’s quick and easy to apply online
Get the term life insurance protection your loved ones need.

Topics to discuss with your advisor

  • How is my premium determined?
  • How does the process work to purchase a life policy?
  • How do I determine how much coverage to purchase?

Advantages and disadvantages of term life insurance

Term life insurance can provide essential protection for your family. It is less expensive than other life insurance options.

The downside of term life insurance is that it isn't a permanent life insurance solution. Once the term ends, the coverage ends or the premiums increase dramatically. And, the older you are, the more expensive it gets.

Fortunately, you can convert many term life insurance policies to a permanent insurance product such as whole life insurance, universal life insurance or variable universal life insurance.

If you want to purchase another policy after your term ends, you may have to show evidence of good health to purchase continued protection. An annual renewable term policy may not require this, but your premiums may increase each year.

Keep in mind that as your life changes (for example, marriage, birth of a child or a job promotion), so will your life insurance needs. You should weigh any associated costs before making a purchase. Life insurance has fees and charges including costs of insurance that vary based on the insured person's gender, health and age. There are additional charges for riders that customize a policy to fit your individual needs.

It’s quick and easy to apply online
Get the term life insurance protection your loved ones need.
Please read this important information

Guarantees and protections are subject to Nationwide's claims-paying ability. Life insurance is issued by Nationwide Life Insurance Company, or Nationwide Life and Annuity Insurance Company, Columbus, Ohio.

Nationwide YourLife is a service mark of Nationwide Mutual Insurance Company.

Policy: ICC13-NWLA-490
Riders: NWLA-351AO, NWLA-355-AO, NWLA-361-AO, ICC13-NWLA-491