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Term life insurance or term assurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions.
Whether you prefer term or whole life insurance will depend on many factors. Find out how these types of life insurance differ and what each option entails.
Term vs. whole life insurance. With term life insurance, the policyholder chooses a period during which their policy is active — usually somewhere between 10 and 30 years. The policyholder pays ...
A quick example of how a term policy works: if you purchase a 10-year term life insurance policy, you have a fixed rate (premium) that you pay monthly, quarterly, semi-annually or annually ...
Because whole life policies are guaranteed to remain in force as long as the required premiums are paid, the premiums are typically much higher than those of term life insurance where the premium is fixed only for a limited term. Whole life premiums are fixed, based on the age of issue, and usually do not increase with age.
Term life insurance policies do not accumulate cash value, but are significantly less expensive than permanent life insurance policies with equivalent face amounts. Policyholders can save to provide for increased term premiums or decrease insurance needs (by paying off debts or saving to provide for survivor needs).
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Here’s a closer look at what these policies cover and how they work: Term life insurance: Term life insurance is generally the cheapest kind of life insurance. It provides coverage over a ...
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