Term Life Insurance Features and Benefits

​Term life insurance is a type of life insurance policy that provides you with temporary coverage lasting for a set number of years.

Here are some of the most common features and benefits of a term life insurance policy:

1. You may be able to choose a policy term lasting for a duration of 10, 15, 20, 25 or 30 years.
2. Level term life provides you with a coverage amount that never decreases during the life of your coverage term.
3. Level term life provides you with premiums that never increase during the life of your coverage term.
4. You may outlive the duration of your policy term.
5. Term life provides death benefit coverage only, there is no cash value and no investment feature.
6. 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.
7. You may have the option to convert your temporary (term) life insurance into a permanent life insurance policy.
8. ​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.