Term Life Ins

Term Insurance

Term life ins. What is this type of life insurance all about? How can it help you?

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Term Life Insurance

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.

The face amount of the policy is 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.

The insured usually needs a physical exam to get a policy issued. If s/he is in fairly good health the policy may be issued on a non medical basis. Answers to medical questions are verified.

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