Life Insurance

Life Insurance

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Term Life Insurance

Term life insurance is life insurance that provides a fixed amount of coverage for a fixed time period.  The most common type of term insurance is guaranteed level premium term life insurance.  Under this type of insurance, the annual cost of the insurance is quoted when the policy is purchased, and that premium is guaranteed to be the same for a give time period.  Most commonly, term insurance is purchased for 10, 15, 20 or 30 years.

Unlike other life insurance products that attempt to add a savings/investment component into the mix, term life insurance is designed to do only one thing; namely, pay out a benefit if the insured dies during the coverage period.  Because of this single purpose, and its relative straightforward nature, term insurance is usually the most inexpensive way to purchase life insurance.  

Term life insurance functions much like other types of insurance coverage in that it pays out claims that are covered but it does not return any premium amounts if no claims are filed.  Much like auto insurance covers your car for specific amounts for a limited time frame; term life insurance covers the life of the insured in basically the same way.

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Life Insurance Resources

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