Since term life insurance is a type of temporary life insurance it lasts for a certain period of time.
Unlike permanent life insurance, term life insurance does not provide lifetime protection.
The "term" of your term life insurance policy is the length of time the coverage will last, or how long the premium will remain the same.
For instance, you may have term life insurance for a term of 1-30 years, or until you reach the age of 65 or 70.
In addition, your term life insurance policy may provide you will level premiums each year for a period of 10, 15, 20 or 30 years, after which time the premium may increase.
If you die during the term of your term life insurance policy your beneficiary would receive the death benefit, subject to any exclusions in your policy.
If you outlive the term of your term life policy you may have the option of renewing your policy for another term, converting your policy to a permanent life insurance plan, or your coverage will expire and leave you with no life insurance.
Learn more about how term life insurance works.
Unlike permanent life insurance, term life insurance does not provide lifetime protection.
The "term" of your term life insurance policy is the length of time the coverage will last, or how long the premium will remain the same.
For instance, you may have term life insurance for a term of 1-30 years, or until you reach the age of 65 or 70.
In addition, your term life insurance policy may provide you will level premiums each year for a period of 10, 15, 20 or 30 years, after which time the premium may increase.
If you die during the term of your term life insurance policy your beneficiary would receive the death benefit, subject to any exclusions in your policy.
If you outlive the term of your term life policy you may have the option of renewing your policy for another term, converting your policy to a permanent life insurance plan, or your coverage will expire and leave you with no life insurance.
Learn more about how term life insurance works.
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