If you are considering the purchase of a term life insurance policy, one of the most important things to consider is how long your coverage will last.
Term insurance is good for the entire "Policy Term", as long as your insurance premiums are paid on time, which would keep your coverage "In Force".
Term life policies offer coverage lasting up to 40 years, usually. However, there are several different durations of coverage available with term insurance plans.
A Policy Term is the period of time you are covered by your life insurance policy.
Insurance Premiums are the money you pay to the insurance company for your life insurance policy.
Term Insurance Explained
Term life is also known as Temporary life insurance because it lasts for a specific period of time; as compared to permanent life insurance, which provides guaranteed lifetime protection, but costs a lot more money.
With term insurance, if the insured person dies during the Policy Term, the Death Benefit is paid out to the Beneficiary (you select).
However, if you are alive when the policy term expires, there is no payout of any benefits from your term policy, and your coverage ends.
Term life is "Pure Protection", providing only a death benefit, and no form of cash value or investment feature within the policy.
Duration of Term Insurance Policies
When it comes to term policies, you have several choices for how long your protection will last.
Usually, most insurers offer Policy Terms of 10, 15, 20, 25 or 30 years.
The longer your policy duration, the higher your rate per $1,000 of life insurance coverage, because there is a greater chance of you dying during the longer policy term.
Term Life Insurance Pricing
You can compare prices on term life coverage by requesting a Free Quote Online from a life insurance provider.
You simply fill out a Quote Request Form, click on a button, and instantly see the lowest prices available from a network of life insurers, based on your specific needs.
You can compare pricing based on different amounts of coverage and different durations of policy terms.
Term Life Insurance Quotes
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