Term Life Insurance
If you want your dependents to receive the maximum amount of benefit for the least amount of your money in premiums, you should consider Term Life Insurance. Compared compared to traditional whole life policies, term life insurance is substantially cheaper, allowing for the purchase of much higher coverage than can be afforded from permanent life insurance.
Term insurance covers you for a specified (and set) period of time, usually 5, 10, 20, or 30 year periods. Unlike whole life insurance, your policy does not accumulate cash value.
Term life insurance is just (and only) pure insurance protection. Its primary purpose is to provide for the financial needs of the insured and their beneficiaries in an affordable manner.
Types of Term Life Insurance
There are several different types of Term Life Insurance, and it's important to find the type of policy that is best for you.
Term or Straight Term
The amount of death benefit you purchase remains the same for as long as the policy is in force. Your premiums will also stay the same for the life of the term chosen.
Decreasing Term
The amount of death protection you purchase decreases over time, but your premiums stay level throughout the term of the policy. Decreasing term is typically purchased by those who expect their insurance needs to diminish over time, such as those purchasing insurance to cover a business loan or a young family, where the amount of money required would become less over time.
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