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Term Life Insurance |
Term life insurance is basically a "no frills"
type of life insurance. It is a life insurance for a specified duration limit,
or time. You buy a specific amount of coverage for a specific time period by
signing a contract. You pay for that coverage period and at the end of the term
the policy expires. For example, the term might be until retirement, or until
children are grown, or until college is paid for.
Term life insurance is the least expensive available insurance policy and allows
you to spend a lot less and use the extra money in a better investment. It does
not build up cash value and the premium normally increases as the policy owner
gets older. Usually term life insurance covers a specific term such as term of
1 year, term of 20 years or term of 30 years.
If you die while the policy is active, term life insurance provides a stated benefit for it; and your survivors will be paid the agreed upon amount. However, the policy does not provide any returns beyond the stated benefit and once the policy expires, the insurance coverage ceases and the insurance company keeps the money. Some term insurance policies give you the right to renew at the same rate for multiple years, while others do not. The former are generally a bit more expensive. . .more
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