➜The ONE Thing

Term Life Insurance: It's Simple, Affordable and Protects What Matters Most

Author

Mark Halpern
March 02, 2025

Welcome to The ONE Thing! We know you're busy, and long, complicated newsletters aren’t practical. That’s why we bring you The ONE Thing. It’s One, clear, actionable insight every two weeks—straight to the point. No fluff, no filler — a smart strategy you can apply immediately to protect your future and make your impact that much greater.

This first group of newsletters will cover "The Basics"—helping you understand how life insurance works and why it’s essential.

The ONE Idea: Life Insurance Comes in Two Main Types

There are two main kinds of life insurance:

  1. Term Life Insurance – Affordable, simple, and covers you for a set period (generally until around 85)

  2.  Permanent Life Insurance – Lasts a lifetime, builds cash value, and acts as a financial asset.

In this edition, we’ll focus on Term Life Insurance. (Next edition, we’ll dive into Permanent Life Insurance.)

How It Works: What is Term Life Insurance?

Term life insurance is the most straightforward and cost-effective way to protect your loved ones or business.

  • You choose a term (10, 20, or 30 years).

  • You pay a fixed premium for that term, each month. It renews after the term for a higher paid premium.

  • If you pass away during the term, your beneficiaries receive a tax-free payout.

    💡 If you outlive the policy, it simply expires—like car insurance.

Who is Term Insurance For?

✔️ Business Owners – Protect your company against financial loss if something happens to you.
✔️ Parents & Families – Ensure your spouse and kids are financially secure.
✔️ Homeowners – Cover mortgage payments if you’re not around.
✔️ Young Professionals – Lock in low rates while you're young and healthy (rates are affected by age and health)

Example 1: Protecting Your Family

David, 35, is a father of two and owns a successful marketing agency.

  • He takes out a $1 million, 20-year term policy at $45 a month to ensure his wife and kids are covered.

  • If something happens to him, they get a tax-free $1M payout to replace lost income.

  • By the time the policy expires, at 55 (where premiums can get raised to $200/month), his kids are grown, and his investments can cover his family’s needs.

💡 For just a few dollars a day, David locks in peace of mind.

Example 2: Protecting a Business

Sarah, 42, co-owns a construction company with a business partner.

  • They take out $500K term policies on each other at $35 a month to ensure the company can continue if one of them passes away.

  • If Sarah passes away, the payout helps her partner buy out her shares and keep the business running.

  •  No financial burden on Sarah’s family.

💡 Business continuity matters—term insurance makes it simple.

Why Term Insurance?

✔️ Affordable – Lower cost than permanent insurance.
✔️ Flexible – Choose the right coverage for your needs.
✔️ Essential for Financial Planning – Protects your family or business.

Final Thought: Their Future Depends on You

You don’t buy term life insurance for yourself—you buy it for the people who depend on you.

Want to find the right term policy for you? Let’s talk.

Regards, Mark Halpern and The WEALTHinsurance Team

Mark Halpern, CFP, TEP, MFA-P

(905) 475-1313 Ext.1

Reuben Menzelefsky CFP, MFA-P

(905) 475-1313

210-600 Cochrane Drive

Markham, Ontario L3R 5K3

→ Next edition, we’ll break down Permanent Life Insurance and how it builds wealth while providing lifelong protection.

Stay tuned for the next ONE Thing!