Introduction to term life insurance.
Term life insurance is the focus of this article. This blog is the start of what we refer to as our online guide for term insurance. In this guide you will learn all there is to know about guaranteed term life insurance. Also referred to as term insurance, learn why it is considered to be the best product by so many. You will have a deeper understanding of how it works and see sample pricing.
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What is term insurance and how does it work?
Term insurance is the most affordable life insurance available and provides coverage for a predetermined period of time.
Some key features to know about term life insurance:
- The premiums are the most affordable in a term life insurance policy than they are for any other policy type.
- The premiums are guaranteed not to go up for the entire term for as long as you hold the policy.
- The policy term can be 10 years, 15 years, 20 years, 25 years even 35 years.
- This type of policy only provides a lump sum death benefit. There is no cash value accumulating or investment portion. The only payout is the death benefit to the designate beneficiary of your choice.
Term Life Insurance does not provide the following:
- there is no investment portion as part of your payment and no cash value accumulates
- There is no dividend paid out at the end of the policy’s term
- Similar to car insurance if you cancel your policy you do not receive any funds back
This type of policy is referred to as “Term” because it is coverage that is specific to a predetermined number of years.
For example 10 years, 15 years, 20 years or even up until a certain age such as 65.
as you can imagine there is a lot to know about life insurance so it is always best to speak with an agent. For the best assistance seek an advisor with an in depth understanding. This can be the best to assist you with your life insurance needs. We are here to assist you and would love to help create a customized insurance plan that is tailored specifically for you. Call us at (647)-558-7491 Ext 4694 or chat with us online. Feel free to leave a comment below. We would love to hear from you. Click here for a free no obligation quote.