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Term Life Insurance Definition

What Does Term Life Insurance Do?

Term life insurance definition. What is term life insurance? How can one define term insurance? What can it do for you?


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Term Life Insurance Definition

  • How Term Insurance Works

    A term policy is a contract between a life insurance company and an insured, you, in which a specific sum of money will be paid upon the death of the insured in consideration of a monthly, quarterly, semi annual or yearly premium.

    The insured must die within a specific period of time, as stated in the contract, for the payment to be made. It is therefore required that the applicant answer a few health and occupation questions before a policy is issued, the answers are verified.

    The applicant may opt for a 5 year term, a 10 year term, a 15 year term, a 20 year term, a 25 year term or a 30 year term policy. Some term policies may be kept up until ages 65, 80 or age 90, or 95.
  • Why Buy Term Insurance?

    Although there are many reasons to buy term insurance most people buy these policies for family protection. Raising a family cost a lot of money. People opt to buy term life policies because they are very inexpensive.

    Business people also buy term policies to fund buy sell agreements in case a partner or shareholder dies. They also use these policies for key man life insurance.

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