Term Life Insurance

Feel confident knowing that your family is protected.

What is term life insurance?

Term life insurance is a type of life insurance that covers an individual for a specific amount of time – like 10, 20 or 30 years. Put simply, if you were to pass away during your term, your loved ones would receive money from us to help cover funeral costs, living expenses or whatever dreams you left for them.

Term Life Insurance Guide

If you are scratching your head wondering, “What is life insurance?” Don’t worry. It’s not as complicated as it sounds. Learn more in our Term Life Insurance Guide!

Life Insurance Statistics in America

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77% of U.S. adults think life insurance is important.¹

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Yet only 57% of U.S. adults have life insurance coverage.²

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1 in 3 people don’t buy life insurance because they don’t like thinking about death.²

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47% of insureds have less than $100,000 coverage.²

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Recommended coverage = at least 7-10x salary

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Is term life insurance right for me?

Term life insurance is the most straightforward form of protection. It’s often most appealing for young families because it provides a substantial amount of coverage for a much lower cost than whole life insurance. It also provides coverage at a time when your life insurance needs are typically highest.

Term vs. Whole Life Insurance

Employer vs. Individual Coverage

How does brightpeak compare to other top life insurance companies?

Not all life insurance companies are the same. See how brightpeak compares to top life insurers when we take a look at more than just price. (And yeah, that too.)

Employer Plan

Ave. Cost: $0*

A.M. Best Rating: N/A

Religious Affiliation: Varies

Organization Type: Varies

Online Application: No

Instant Quote: No

Commission-based Sales: No

Term Life Options: No

MetLife®

Ave. Cost: $15.44

A.M. Best Rating: A+

Religious Affiliation: None

Organization Type: Stock

Online Application: Yes

Instant Quote: Yes

Commission-based Sales: Yes

Term Life Options: 10, 20, 30

brightpeak financial®

Ave. Cost: $16.99

A.M. Best Rating: A++

Religious Affiliation: Christian

Organization Type: Not-for-profit

Online Application: Yes

Instant Quote: Yes

Commission-based Sales: No

Term Life Options: 10, 20, 30

New York Life®

Ave. Cost: $17.00

A.M. Best Rating: A++

Religious Affiliation: None

Organization Type: Mutual

Online Application: No

Instant Quote: Yes

Commission-based Sales: Yes

Term Life Options: 10, 15, 20

State Farm®

Ave. Cost: $17.83

A.M. Best Rating: A++

Religious Affiliation: None

Organization Type: Mutual

Online Application: No

Instant Quote: Yes

Commission-based Sales: Yes

Term Life Options: 10, 20, 30

MassMutual®

Ave. Cost: $19.79

A.M. Best Rating: A++

Religious Affiliation: None

Organization Type: Mutual

Online Application: No

Instant Quote: No

Commission-based Sales: Yes

Term Life Options: 10, 15, 20

Prudential®

Ave. Cost: $19.80

A.M. Best Rating: A+

Religious Affiliation: None

Organization Type: Stock

Online Application: No

Instant Quote: Yes

Commission-based Sales: Yes

Term Life Options: 10, 15, 20, 30

Avg. Cost: Based on a 30-year old female, preferred status, 20-year term for $250k coverage. (Sources: HavenLife, Zander Insurance, State Farm®)
*Many people get a certain amount of “free” life insurance from work, with the option to buy more. Oftentimes, this amount isn’t enough to protect a growing family. We recommend supplementing gaps in coverage with term life insurance.
A.M. Best Rating: A.M. Best is an independent rating agency. Best’s Financial Strength Ratings (FSR) represent the company’s assessment of an insurer’s ability to meet its obligations to policyholders. The secure ratings range from B+ (Good) to A++ (Superior).
Organization Type: Stock companies are for profit; brightpeak financial, a division of Thrivent Financial, is a not-for-profit.
Commission-based Sales: Most insurance companies use agents to sell insurance. While brightpeak also has financial professionals to help you, they’re not paid on commission. Finally, you’re not “just another sale.”
Term Life Options: Companies offer a variety of 10, 15, 20 and 30-year terms to qualified purchasers.

5 reasons people choose brightpeak

As a Christian not-for-profit organization, our customers are our owners. Anyone who purchases insurance from brightpeak becomes a member-owner. Why does that matter? It means that brightpeak makes decisions based on what our member-owners care about – not greedy shareholders.

Here are five other reasons people choose brightpeak:

  1. We’re a division of Thrivent Financial, a membership organization dedicated to helping Christians live with confidence and generosity.
  2. One of the only life insurers to have a secure, online application – no need to talk with a financial guide (unless you want to).
  3. Doing good is at the heart of our business model. In 2015 alone, Thrivent and brightpeak members generated 9.3 million volunteer hours for member-chosen programs.
  4. Our financial professionals don’t work on commission and are here to help.
  5. We’re a Christian company that reflects our members’ values of faith, generosity and transparency.

Get insured

Applying for term life insurance with brightpeak is easy. Just follow the steps:

Standard process (most people) 

Get a personalized quote

Submit online application

Review & sign application via email

Review & accept final price and coverage via email

Some applicants need to complete a few additional steps:

  • Complete a 15-minute phone call to provide some health information
  • Complete a brief in-person, no cost medical exam with a registered nurse
Typical reasons for additional steps: over the age of 50, very healthy applicants who want the best possible rates, have significant pre-existing health conditions, or applying for large amount of coverage

What our members are saying

FAQ’s for term life insurance

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Who can I select as my beneficiary(ies)?

A beneficiary is the legal way of choosing who you want your benefit (money) to go to when you die. Chances are, if you have a relationship with the person, you can name them as a beneficiary on your contract.

If you do not name your beneficiaries in your application, your default beneficiary, in order of eligibility, will be:

  • Your lawful spouse; otherwise
  • Your natural or legally adopted children, in equal shares; otherwise
  • Your parents in equal shares; otherwise
  • The personal representative of your estate.

You can add or change your beneficiaries at any time at no cost to you by contacting our member services team.

Can I increase or change my coverage?

Of course! Your life is constantly evolving and your insurance should do the same. You can cancel or decrease your coverage at any time. Note – there is an automatic pay increase feature that is part of your application. This feature increases your coverage by 3% each year to keep up with inflation (a good thing!). Your premiums will also increase by 3% each year. You may opt-out of this feature at any time; however, you won’t be able to opt back in. If you would like to increase your coverage beyond the annual 3% increase option, you will likely need to apply for the additional coverage.

Do I need a physical exam?

A full physical exam is not typically required for the standard term life package if you are under the age of 50. Basic medical information such as height, weight, blood pressure, cholesterol and current medical conditions is what is required in order for underwriting to assess your insurability and rate.

Can I purchase term in addition to my current insurance?

Yes, if you already have life insurance, you are still able to add coverage.  This is actually a great way to fill any gaps that you may have between your employer’s group coverage and what you actually need. Remember, we recommend having enough coverage to replace at least 3-7 times your annual income. There are some limitations, so give our financial guides a call at 855-348-3091.

How do I know if I’m eligible?

To be eligible you must be between 18-60 years old, a U.S. citizen or green card holder, cannot be currently disabled and must self-identify as Christian. Why the Christian part? We were founded as a Fraternal Benefit Society, which by legal definition, is a not-for-profit organization that provides insurance to its members and must be united around a unique common bond. The common bond of Thrivent Financial, which brightpeak is a division of, is Christianity. You can learn more about this here: https://www.thrivent.com/posts/community/a-unique-kind-of-not-for-profit.html.

How much will life insurance cost me?

Generally, life insurance is a lot cheaper than people think. We’ll take factors like age, health and tobacco use, and assign a rate. You can get an estimate of how much it will cost by using our free quote tool.

What happens after my life insurance term is up?

The term life insurance is guaranteed renewable, meaning at the end of the term (10, 20 or 30 years), you choose whether you want to keep your coverage or not. If you opt to keep coverage, the premium will increase based on your current age, not your health, every year you choose to keep the policy after your term period (up until age 95).

What is underwriting?

Underwriting is the process insurance providers use to determine if you qualify for life insurance.  Through this process, the insurance company underwriters determine how much coverage you should get and how much you should pay for it.

How much life insurance do I need?

That depends on quite a few factors, including your income, how many dependents you have and whether you have a mortgage or other debts you’d be leaving behind. The standard advice is that you need enough life insurance to replace 3-7 times your annual income. You can use our Term Life Coverage Calculator to help you figure out how much you might need. Or, our financial guides are experts at helping you determine what’s right for you.  You can contact them in a variety of ways.  Email (questions@brightpeakfinancial.com), chat on www.brightpeakfinancial.com, or by phone at 855-348-3091.

What is the difference between term life and whole life insurance?

Term life insurance provides coverage for a specified term, typically 10, 20 or 30 years. You pay fixed monthly premiums and if you die during the term, your beneficiaries will be paid a lump sum equivalent to your coverage amount.

In comparison, whole life insurance provides coverage for your entire lifetime, but the fixed monthly premiums may be significantly higher. We chose to offer term life insurance because it is the most affordable solution for providing basic protection for a growing family. Learn more in the Term vs. Whole Life Insurance Guide.

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