Affordable Life Insurance Protection for Your Family
If you are considering the purchase of a term life insurance policy, you may be wondering who is covered by term insurance.
The insured is the person listed on the life insurance policy upon whose death the death benefit is paid out from the insurance company to the beneficiary of the policy.
The Insured Person is the one with financial obligations that create the need for purchasing life insurance coverage — if they die, their loved ones may suffer financially, so life insurance provides a form of financial security for the insured’s family.
Most of the time, the insured takes out the life insurance policy on themselves and the Insured pays the policy premiums.
However, sometimes another person may own and pay for the life insurance policy. If the insured doesn’t pay for the policy themselves, the policyholder will need to demonstrate Insurable Interest — or that they have a valid financial reason to take out a life insurance policy on someone else; such as, being a spouse or business partner.
What is Term Life Insurance?
It is a type of life insurance providing temporary coverage that guarantees payment of a stated death benefit to the beneficiary of the policy if the covered person (Insured) passes away during a specific period of time.
Term life insurance is a type of life insurance policy that provides you with temporary coverage, usually lasting for a period from ten to thirty years.
The Policy Term is the period of time you have life insurance coverage through a term life policy.
Depending on your age and health, you may be able to choose a Policy Term with a duration of 10, 15, 20, 25, 30, 35 or 40 years.
Term insurance is "Pure Protection", it is not an investment, it only provides a Death Benefit. This type of policy does not build any cash value.
With term life, if the insured dies during the policy term, while the life insurance coverage is In Force, the insurance company pays out a death benefit to the beneficiary of the policy.
You select a beneficiary when you apply for your coverage. Usually, the death benefits are paid out free from any federal income tax.
If the insured person outlives the duration of the policy term, the life insurance coverage ends, and there is no payout of any benefits.
Main Features of Term Life Insurance Policies
Many people purchase term life insurance policies to provide them with the protection their family needs for a period of 40 years or less, at the most affordable price.
You may be able to purchase up to $2,000,000 or more of term life coverage, depending on your health, age and budget.
Term life insurance helps you provide for the financial security of your family’s future, at an affordable price that fits your budget.
Term Life Insurance Quotes
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