Term Life Insurance

When most people think of life insurance, they are most likely thinking of term life insurance. This form of life insurance is very simple. A policy holder pays an affordable monthly fee (called the premium) to have coverage of a certain total amount covering them over a set amount of time.

Term refers to the time of coverage. Usually you will see a terms start at a decade and go up to 30 years depending on the policy. You name your beneficiary who gets the benefits the policy pays out if you die during the term. If you die while that life insurance policy is in place then the death benefit is paid out in full to the person you named to receive it.

If the term runs out, generally you can renew your coverage but you will be paying a higher monthly premium to keep the same amount of coverage. Most policies also allow for term life to be converted into a permanent life insurance policy, and you can enjoy the potential benefits that plan offers.

Term life often offers great protection at a very low cost, covers a set amount of time, and offers a level of protection for your family, your business, or both.