20 February 2012 0 Comments

Term Life Insurance: The Most for the Least Today

Importance Of Life Insurance

Term Life Insurance provides the most death benefit for the least premium based on the term – or period of time – selected. It doesn’t build cash value, so there are no living benefits. But we’re talking about Life Insurance here, not a savings plan. You wouldn’t expect your Auto Insurance to pay a benefit unless you’ve had an accident, right? Term Life Insurance pays a benefit if you die during the term of coverage. That’s all.

Typically, Term Life Insurance is purchased for an initial duration of 10, 15, 20 or 30 years. The Term Life Insurance Premium remains level for the time period selected. You’ll want to make sure this level premium is guaranteed for the term duration, not just projected. After your initial term duration expires, it’s possible to continue the death benefit – albeit at a greatly increased premium. Remember: The longer the term duration you select, the higher the initial premium.

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