Affordable Life Insurance Protection for Your Family
A life insurance policy with a "Term" is temporary coverage lasting for a specific period of time.
It is referred to as Term Life Insurance because the protection lasts for the duration of the Policy Term.
Usually, insurers offer term life coverage with terms of 10, 15, 20, 25 or 30 years.
A term insurance policy is Pure Protection, with No Investment (Cash Value) feature.
There is only a Death Benefit provided by term life insurance.
If the insured person dies during the term of the policy, the death benefit is paid out to the beneficiary of the insurance.
The policy owner chooses the beneficiary when purchasing the policy.
However, the death benefit payout is subject to the terms, conditions and exclusions stated in the life insurance policy.
For example, the insured must die as a result of a covered cause of death. Suicide is excluded if it occurs within two years (one year in some states) of the date of which the life insurance policy began.
Also, the policy must be "In Force" at the time the insured person dies for a death benefit to be paid on the insurance. In Force means the life insurance premiums were paid up-to-date and the policy term had not yet expired.
Does the Life Insurance Payout at the End of the Policy Term?
Term Insurance does not pay out any benefit at the end of the policy term. It only pays out a death benefit if the insured person were to die during the term of coverage.
If the insured person is still alive when the coverage term ends, the life insurance expires.
How Term Life Insurance Coverage Works
Term life provides you with temporary life insurance protection lasting for a specific number of years. You can choose coverage for a Policy Term of 10, 15, 20, 25 or 30 years.
Term life builds no cash value inside the policy, it is not an investment, it is Pure Protection.
That’s why permanent life insurance usually costs up to 5-10 times more than term insurance.
Level Term Life Insurance
Level term insurance is the most popular type of term life policy available.
It offers coverage for up to 30 years, with premiums that remain the same each year for the entire duration of your insurance policy.
In addition, the amount of coverage provided by your policy never decreases during your policy term.
This type of life insurance allows you to count on your premiums being locked-in (remaining the same), and your coverage never deceasing during the life of your policy.
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