Term Life Insurance

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One of the basic types of life insurance is called term life insurance and is offered by life insurance companies all over the world. However, not all term life insurance policies are portable or valid outside the issuing country.

Term life insurance or term assurance is life insurance that provides coverage at a fixed rate of payment for a preset period of time, the relevant term. After that period expires, your policy will no longer be in effect and you must forgo coverage or look at taking out a new policy which will have different payment terms and conditions than the original policy. However, If the insured life dies during the relevant term, the death benefits will be paid to the beneficiary.

Term insurance is typically the least expensive way to purchase a substantial death benefit to protect yourself and your loved ones. Term life insurance is not generally used for estate planning needs or charitable giving strategies but is used for pure income replacement needs for families.

Term life insurance functions in a manner similar to most other types of insurance in that it satisfies claims against what is insurance if the premiums are up to date and the contact has not expired and does not provide for a return of premium if no claims are filled. Generally, you have the option of choosing between 1 to 30 years of coverage. Term life is typically offered at five, ten, fifteen, twenty and thirty per periods.

Term life is popular with young couples raising a family as the coverage can give your loved ones the protection they need in the event something was to happen
Term life is not as expensive as other types of life insurance, like whole or life or universal life and this allow you to purchase enough coverage to properly secure your loved ones.

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