Term life insurance is often considered the least complicated, cheapest and most recommended type of life insurance to buy.
Term life policies cover the insured for a specific term, or time period.
If the insured dies before the term ends, his or her beneficiaries generally receive a lump-sum payment, free from federal income tax.
The duration of a term life policy usually lasts for a period from 1 to 30 years.
The most common terms for term life plans are 10, 15, 20 or 30 years of protection.
Term life is pure protection, with no investment feature in the policy. You only pay for the life insurance protection.
Term life policies cover the insured for a specific term, or time period.
If the insured dies before the term ends, his or her beneficiaries generally receive a lump-sum payment, free from federal income tax.
The duration of a term life policy usually lasts for a period from 1 to 30 years.
The most common terms for term life plans are 10, 15, 20 or 30 years of protection.
Term life is pure protection, with no investment feature in the policy. You only pay for the life insurance protection.
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