What is a term life insurance policy?
It's a type of life insurance plan that provides you with temporary coverage, usually lasting up to thirty years.
However, you may be able to choose term coverage for a policy term of 10, 15, 20, 25, 30, 35, or 40 years.
The longer your policy term, the higher your annual cost, since there is a greater chance you may die while the life insurance policy is In Force.
If you outlive the duration of your term policy, the coverage ends and there is no payout of any benefits.
If you die during the policy term, the death benefit is paid out by the insurer to the beneficiary of your life insurance policy.
Term life insurance is the most affordable life insurance coverage for a period of 30 years or less. Permanent life insurance, which provides lifetime protection, usually costs up to 5-10 times more than term life.
It's a type of life insurance plan that provides you with temporary coverage, usually lasting up to thirty years.
However, you may be able to choose term coverage for a policy term of 10, 15, 20, 25, 30, 35, or 40 years.
The longer your policy term, the higher your annual cost, since there is a greater chance you may die while the life insurance policy is In Force.
If you outlive the duration of your term policy, the coverage ends and there is no payout of any benefits.
If you die during the policy term, the death benefit is paid out by the insurer to the beneficiary of your life insurance policy.
Term life insurance is the most affordable life insurance coverage for a period of 30 years or less. Permanent life insurance, which provides lifetime protection, usually costs up to 5-10 times more than term life.
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