Term life ins. What is this type of life insurance all about? How can it help you?
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Term life is temporary life insurance.
That means you may own and are covered by your policy for a given
number of years. Someone else may also own a policy on your life. A
husband or wife may own a policy on his or her spouse. A business may own a policy on a shareholder, partner or key employee.
Term insurance is purchased for a specific number of years; 5 years, 10 years, 15 years, 20 years, 25 years or 30 years. Some go to a specific age; age 65 for example.
Usually the premiums are level, they do not increase. The face amount is usually level as well except in the case of the decreasing term policy which is used to cover the balance owed on a mortgage. In this case the face amount decreases as the balance owed decreases.Term policies
are payable on the death of the insured. These policies are used to protect families. They replace the income lost by the death of the breadwinner. They fund buy sell agreements and they provide cash to a business if a key employee should die.
Term life insurance is life insurance in it's simplest form. These policies stay in force for a specific number of years, for example, 5 years 10 years etc.
Whole life insurance is the plan of choice for many people. There are many variations to this plan.
Universal life insurance was designed with the express intention of combatting the venerable whole life insurance policy.
Are you looking for quality term insurance quotes? Have you determined how much you need? Do you know what type of term insurance is best for you?
In many cases it is a good idea to buy term insurance online. Some people know just how much life insurance they want to buy before they get online.