Term Life Insurance Definition

What Term Life Insurance Does

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.

    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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