What is a good definition of term life insurance? How would we describe
it? What does it do?
Why do people buy term life insurance? Here is a good way to define term life insurance.
It should be helpful if you want to pay as little premium as possible for the maximum amount of coverage. Here is how term insurance is defined.
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Term life insurance is the type of insurance which pays the face amount
of the policy applied for upon the death of the insured.
This amount can be paid in lump sum form or in income form. How payment is made depends, more often than not, on the choice of the insured. On occasion the decision is left up to the beneficiary. There is much more to the definition of term life insurance
A term life policy can be issued at any age but many life insurance companies do not sell it to persons beyond age 65. There are usually no cash values attached to this policy, however, in recent years insurance companies have created what is called a return of premium term life insurance policy.
If you should live beyond the specified term period you get back all you have paid. The introduction of this policy has changed the definition of term life insurance somewhat.
There are some people who believe that term life insurance is the only type of insurance that they should buy. Term insurance is inexpensive insurance but there are many types. Following is a brief definition of term life insurance policies.
The premiums of the 5 year, 10 year, 15 year, 20 year and 30 year term policies are all level premiums.
Now that you have this definition of term life insurance it should be easier to make a decision as to which to buy. I hope I have been of some help.
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Life insurance should be seen as an instrument to provide an income for your family.
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