What is Term Life Insurance? Term life insurance provides temporary coverage for a set period of time, unlike permanent or ‘cash value’ life insurance. Term life is pure protection and does not build cash value. It also can be significantly less expensive than cash-value plans because the policyholder will only be paid upon death – you’re only paying for what you need. Term policies are typically guaranteed renewable with no medical exam required to renew the policy as long as premiums are paid on time.
“Term life insurance is a great option if you’re looking for a simple way to provide your family financial security,” says Heather Hunt, senior vice president of sales strategy at Access Life Insurance. “With one single premium payment, term life offers dependable coverage to help protect your family in the event of your death, when they need it most.”
Whether you’re looking for life insurance protection for a few years or to cover you until your children are grown, Term Life Insurance can provide you with flexible options. Term policies are guaranteed renewable, meaning if at any point during the term of your policy you become ill or injured and cannot fulfill premiums, your policy will remain force-free of charge. Plans typically have no medical exam requirements which means that Term Life Insurance is an affordable way to get immediate coverage even if you are overweight, have high blood pressure, or are dealing with other conditions.
Term Life Insurance Definition
Since Term Life Insurance does not build cash value like whole life plans, Term plans allow consumers more flexibility in their choice of insurance. Term policies can be paid for in monthly, quarterly, semi-annual, or annual installments making this protection more affordable than ever before.
“Term Life Insurance is an easy way to provide your family with the financial security they need if you are not around,” says Hanson. “Families will do what needs to be done, Term Life Insurance can help make that happen.”
Term Life Insurance Definition Term life is temporary coverage unlike permanent plans Term plans offer pure protection and do not build cash value Term policies typically offer guaranteed renewable and no medical exam requirements Term premiums may cost less than whole life plans because there are no investment component Policies can be paid for in monthly, quarterly, semi-annual or annual installments plans do not build cash value like whole life policies.
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Summary: Term life insurance provides temporary coverage for a set period of time, unlike permanent or ‘cash value’ life insurance. Term life is pure protection and does not build cash value. Term policies are typically guaranteed renewable with no medical exam required to renew the policy as long as premiums are paid on time. Term Life Insurance Source offers free term life insurance quotes every day from reputable carriers that compete for your business including Mass Mutual, New York Life, Prudential, Foresters Financial, Kemper, Lincoln Financial, Americo, SBLI, And More
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