What is Term Life Insurance?

Term Life insurance is insurance under which the benefit is payable only if the insured dies during a specified time period and premiums are paid as specified by the policy. Term Life insurance does not accumulate Cash Value.

Term life insurance is life insurance coverage at a guaranteed rate for a specified period of time. (Example: 10 year level term would guarantee a level premium for 10 years based on a specified death benefit) Term life insurance is usually the least expensive form of life coverage.  more

Term insurance is a basic "no frills" form of life insurance. You purchase a specific amount of coverage by signing a contract for a specific time period. If you have kept up with the monthly payments (premiums) called for in the contract, your survivors will be paid the agreed-upon amount if you die within this time period. Term insurance is the best deal for most consumers. The premiums for policy-holders in their 20s and 30s are much less expensive than for another common type of life insurance called "cash-value" (see below). Many families need coverage most while they are raising young children. Term life insurance premiums keep increasing as you age, but as your children grow up and your assets (the value of your savings, investments, home, autos, etc.) increase, you can reduce your coverage. Term policies must be renewed when each term ends. Before buying a term policy, ask about renewal provisions. These are some typical options: • Annual-renewable—the premiums go up each ...  more

Term life insurance, or temporary life insurance, is a simple plan that protects those insured for a specific length of time. Common terms are one year, five year and ten year, although longer terms may be available. Once the policy has expired, so has the insurance; unless those insured decide to renew the policy. Premium rates for renewals are often higher unless you can provide proofs to insurers to show you are a "safe" investment. Policies usually lasts about 5 to 30 years. Initial costs are normally lower than permanent insurance plans but renewal rates are always higher.  more

Term insurance provides protection for a specified period of time; a term of 1, 5, 10 or 20 years or up to age 65 is available. This type of policy only pays a benefit if you die during the policy term. Term insurance does not build cash value. If you stop paying your premium, the insurance expires. This insurance generally is less expensive than other types of life insurance.  more

Term life insurance is the most basic form of life insurance. It provides coverage for a specified period of time (e.g. 1, 5, 10, 15, 20, 25, or 30 years) in exchange for a specified premium. If the death of the insured individual occurs within this period of time or term period, the insurance company will pay the death benefit. If the term period expires while the insured individual is still living, the policy terminates and no death benefit will be paid.The two main types of term life insurance policies are level premium term life insurance and yearly renewable term life insurance.  more

Term life insurance is the most basic form of life insurance. It provides coverage for a specified period of time (e.g. 1, 5, 10, 15, 20, 25, or 30 years) in exchange for a specified premium. If the death of the insured individual occurs within this period of time or term period, the insurance company will pay the death benefit. If the term period expires while the insured individual is still living, the policy terminates and no death benefit will be paid. The two main types of term life insurance policies are level premium term life insurance and yearly renewable term life insurance.  more

Term life insurance is the most basic form of life insurance. It provides coverage for a specified period of time (e.g. 1, 5, 10, 15, 20, 25, or 30 years) in exchange for a specified premium.  more

Term life insurance is life insurance coverage at a guaranteed rate for a specified period of time. (Example: 30 year level term would guarantee a level premium for 30 years based on a specified death benefit) Term life insurance is usually the least expensive form of life coverage.  more

Term life insurance is a specific type of life insurance, which has become very popular in recent years. Term life insurance provides protection for a specified period of time, typically 5, 10, 15, 20, 25 or 30 years (this is called the coverage term). The person to be insured selects the coverage term, and a death benefit is paid to the beneficiary if the insured dies within a specified period of time while the policy is still in force. Term life insurance works well for people who need coverage for a specific period of time; for example, when a child is born a parent may take out a 20 or 25 Year term life policy to ensure that in the event of their death, the child will be provided for through his or her college years.  more