Term Life Insurance Policy Definition

Term life insurance a contract that provides a death benefit but no cash build up or investment component. There is no savings component as found in a whole life insurance product.

Term Life Insurance

Term life insurance or term assurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time the relevant term.

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A term life. After that period expires coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions. Term life insurance a life insurance policy that provides coverage only for a certain period of time.

Another term for a term life insurance policy. Simplest and usually the cheapest type of life insurance that stays in effect for a specified period or until a certain age of the insured. A life insurance policy which provides a stated benefit upon the holders death provided that the death occurs within a certain specified time period.

If the insured dies during the time period specified in the. The premium remains constant only for a specified term of years and the policy is usually renewable at the end of each term. A life insurance policy that is active for the entirety of the policyholders life.

Term life policies have no value other than the guaranteed death benefit. It pays the face amount of the policy in case the insured dies within the coverage period term but pays nothing if he or she outlives it. However the policy does not provide any returns beyond the stated benefit unlike an insurance policy which allows investors to share in returns from the insurance.

Term insurance is a type of life insurance policy that provides coverage for a certain period of time or a specified term of years. Permanent life insurance policies offer a cash value component that makes them more expensive than term policies and is usually only a good option for people with particular circumstances. Also unlike in whole life insurance.

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