Here are some of the most common features and benefits of a term life insurance policy:
- You may be able to choose a policy term lasting for a duration of 10, 15, 20, 25 or 30 years.
- Level term life provides you with a coverage amount that never decreases during the life of your coverage term.
- Level term life provides you with premiums that never increase during the life of your coverage term.
- You may outlive the duration of your policy term.
- Term life provides death benefit coverage only, there is no cash value and no investment feature.
- You may have the option to renew your coverage for another policy term when your original term expires. You do not have to take a medical exam to provide insurability in order to renew your coverage.
- You may have the option to convert your temporary (term) life insurance into a permanent life insurance policy.
- If you outlive the duration of your term life policy term, there is no payout of any benefits.
These are some of the common features and benefits of a term life insurance plan.