What is term life insurance?
Term life insurance is a life insurance policy that provides temporary life insurance, which is called a term. The term usually lasts anywhere from 10 to 30 years, and is sold in intervals of 5 years. The term life insurance policy, initially was designed to protect the policyholder’s dependents in case they die prematurely. But term life insurance quotes can be built for many different purposes than just protecting dependents.
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When Should I Consider Buying Term Life Insurance
Term insurance is generally used whent the premium for permanent life insurance is way too absorbant, and the need for death benefit coverage is only temporary. Term insurance typically provides for the largest immediate death benefit amount for each premium dollar. It is appropriate if you are seeking protection for a specific need that will end at a future date such as to pay for a child’s college education expenses, to repay a loan or to replace income should death occur prior to retirement.
How Does Term life Insurance Differ From Permanent Life Insurance?
Permanent life insurance is intended to never fade, and be an investment account throughout your entire life. Generally, the initial premiums for permanent insurance are higher than term insurance. Permanent life insurance premium is used portionally to build-up a cash value in the policy. The cash value can be used in a number of different ways including allowing you to take out a loan against the cash value. Term insurance provides protection only for a specified period of time and typically isn’t used to build up any type of cash value for investment.
How Long Will Coverage Under A Term Policy Continue?
How long a term policy will last is dependent on the duration of the term policy you purchase. For example, if you purchase a 5 year renewable term policy, your coverage may be renewed every 5 years up to a specified maximum age limit. If you purchase a 15 year level term policy you will have coverage for 15 years. If you purchase a 15 year renewable level term policy you will have coverage for 15 years and then have the right to renew your term coverage for another 15 years. Find term life insurance quotes with Local Life Pro.