Term Life Insurance |
What is the definition of term life insurance?The definition of term life insurance coverage is best explained as “pure protection.” Like car insurance, you select a coverage period and benefit amount. Simply put, if you die while your policy is in effect and all of the required premiums have been paid up to that point, your beneficiaries receive exactly the benefit amount you selected. It's simple and practical. You get exactly what you pay for.Can I define term life insurance coverage amounts and length of coverage for my specific needs?Yes, you can define term life insurance coverage and length of term according to your needs. Term life insurance is often considered to be the appropriate coverage for instances where estate creation is needed because it is designed for a specific period of need (i.e. the number of years left on a home mortgage or business loan, or until your children are through college and no longer dependent upon your income or assets). And, since term life insurance costs are so competitive, you can purchase the amount of protection required to help meet all of your specific goals.The benefits of term life insuranceTerm life insurance coverage is pure protection. Like car insurance, you select a coverage period and benefit amount. Simply put, if you die while your policy is in effect and all of the required premiums have been paid up to that point, your beneficiaries receive exactly the benefit amount you selected. It's simple and practical. You get exactly what you pay for.Term life insurance is often considered to be the appropriate coverage for instances where estate creation is needed because it is designed for a specific period of need (i.e. the number of years left on a home mortgage or business loan, or until your children are through college and no longer dependent upon your income or assets). And, since term life insurance costs are so competitive, you can purchase the amount of protection required to help meet all of your specific goals. Life Insurance Definition: A life insurance policy that has a set duration limit on the coverage period. Once the policy is expired, it is up to the policy owner to decide whether to renew the term life insurance policy or to let the coverage terminate. This type of insurance policy contrasts permanent life insurance, which is a policy whose duration extends until the policy owner reaches 100 years of age (i.e. death). |
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