Life Insurance

Death is an emotional time for a family. In addition to bereavement, there is also the loss of income and the looming threat of unpaid bills.

What is Term Life Insurance?life insurance
Term life insurance is the cheapest, simplest type of life insurance. Term life insurance is temporary, meaning that a policy of term life insurance provides coverage for only a certain number of years. (You can choose 1, 5, 10, 15, 20… depending on the life insurance company.) Any life insurance policy that is not a term policy is permanent life insurance.

How Term Life Insurance Works
Term life insurance includes the attributes common to all life insurance policies.

A standard term life insurance policy guarantees fixed premiums. That means that the size of payments made to the life insurance company does not change over time. The policy owner makes payments, all of equal amount, at equal intervals of time (monthly, quarterly, semi-annually, or yearly, depending on the company and policy). The policy owner is free to discontinue payments at any time; if he/she does so, however, the policy will terminate (i.e. the life insurance company is no longer obliged to pay a death benefit).


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