Term life insurance is favored by a large portion of our population. Let us take a close look at this policy and see why. It may be wise to begin by attempting to define this type of policy. Let us see what it is all about.
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Term insurance is a type of policy that pays a predetermined
amount of money upon the death of the person insured.
The proceeds of the term policy can be paid either in one lump sum or in the form of a monthly income.
The owner of the term policy may be the insured or someone else who has an insurable interest in the person being covered.
A person has insurable interest if s/he would suffer monetary loss upon the the death of the insured.
There are many types of term policies.
Most have level death benefits as well as level premiums. Some examples
are the 5 year term, 10 year term, 15 year term, 20 year term, 25 year
term and 30 year term policies.
You may also purchase a decreasing term insurance. This type policy is usually used to pay of the balance of a mortgage upon the death of the homeowner. There is also another type of policy known as yearly renewable term or increasing premium term.
This is really a one year policy with the option to renew each year at the true insurance cost of the attained age. The older you get the more it costs to renew.
See how it all works here: Term Life Insurance Quotes
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