The Purpose of Term Life Insurance & What You Need to Know About it

Let’s start with the most basic question: what exactly is “term” life insurance supposed to be? A term-based life insurance policy is, as implied by the name, an insurance policy based on providing coverage over a certain period of time, or a “term”. The policyholder makes annual payments called premiums to the insurance company in order to keep the policy actively and make sure that the policyholder is secured upon death. It is among the most reasonable of possible life insurance policy types, providing coverage over periods ranging from 1 to 30 years.

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