What Is Term Life Insurance?
Term life insurance, sometimes called pure life insurance, is a type of life insurance that is very simple! It is guaranteed to pay the face value of the policy! Which is the amount of the death benefit if the covered person dies during a specified term (stated amount of years). Once the term expires, the policyholder can either renew it for another term (fore a new rate ased on the clients age and health), convert the policy to permanent coverage, or allow the term life insurance policy to terminate.
Term life insurance guaranteed to pay the stated death benefit to the insured's beneficiaries if the insured person dies during a specified term.
Term Life Insurance does not build cash value as whole life does! It is guaranteed to pay the death benefit if death occurs in the chosen term!.
Depending on the insurance company, it may be possible to turn term life into whole life insurance.
You can often purchase term life policies that last 10, 15, 20 years, or even 30 years. (Read the 6 tips for choosing the right term insurance)
Term Life Insurance
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