Term life insurance is a type of life insurance that provides coverage for a specified period of time, typically 10, 20, or 30 years. During this period, if the insured person passes away, the beneficiaries receive a death benefit. Here is how term life insurance works:
Coverage and Options
Term life insurance offers protection for a specific term and pays out a death benefit if the insured person dies during that term. The premiums are typically lower compared to whole life insurance, making it a popular choice for those looking for affordable coverage. There are different options available, such as level term, decreasing term, and renewable term policies.
Conclusion
Term life insurance provides financial protection for your loved ones in case of your untimely death. It is important to carefully consider your coverage needs and options before choosing a policy that suits your individual circumstances.
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