Term life insurance is defined as a life insurance policy that stays in effect for a specified, limited period of time.
If the insured person dies within that period of time, the beneficiary receives the death benefit of the life insurance policy.
If the insured outlives the term of the policy, the coverage expires, and the beneficiary receives nothing.
Term life is not an investment, it builds no cash value inside the policy.
Most term life plans are offered for a period of 10, 15, 20, or 30 years.
Learn more about defining term life insurance.
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